This week: House panel action on BSA bills, others expected

The House and Senate are in session this week, and the House Financial Services Committee is set to hold a markup Wednesday on a number of bills that could impact credit unions. NAFCU will monitor the markup, as well as other hearings on issues including minority homeownership, entrepreneurship and data privacy.

The House Financial Services Committee markup is scheduled to begin at 2 p.m. Eastern Wednesday. The committee is expected to discuss two NAFCU-supported bills related to Bank Secrecy Act (BSA)/anti-money laundering (AML) reforms: one would make changes to AML safeguards and the other would require corporations to disclose more information about their owners. The beneficial ownership bill was officially introduced by Committee Member Carolyn Maloney, D-N.Y., on Friday.

NAFCU will also monitor a Senate Banking Committee hearing tomorrow focused on privacy rights and data collection, set to begin at 10 a.m. Eastern. The association, in its calls for a strong national data security standard, has noted that “a major aspect of consumer privacy is ensuring the security of a consumer’s financial data.”

The House could also take up a disaster aid bill this week that has language included to extend the National Flood Insurance Program through Sept. 30; the program is currently set to expire at the end of the month. A number of NAFCU-sought reforms for the program were discussed during a House Financial Services Committee hearing on its reauthorization in March.

Also happening this week:

  1. Tomorrow, the Senate Appropriations Subcommittee on Financial Services and General Government will hold an oversight hearing with Federal Communications Commission (FCC) Chairman Ajit Pai and Federal Trade Commission (FTC) Chairman Joseph Simons;

  2. NAFCU’s Kaley Schafer and Sarah Jacobs will attend the CFPB’s town hall on debt collection in Philadelphia Wednesday;

  3. Wednesday, a House Financial Services subcommittee will hold a hearing on barriers to minority homeownership;

  4. Wednesday, a House Energy and Commerce subcommittee is holding an oversight hearing on the FTC, including protections for consumers’ privacy and data security;

  5. Wednesday, the Senate Special Committee on Aging will hold a hearing on protecting elder Americans;

  6. Thursday, a House Small Business subcommittee will hold a hearing on technology’s impact on entrepreneurship;

  7. NAFCU is offering three webinars: driving organic loan growth (Tuesday), leveraging community partnerships(Wednesday), and addressing cybersecurity risks (Thursday); and

  8. NAFCU and member credit unions will continue meetings with Federal Reserve Banks.

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