• Carolyn Maloney

This week: BSA, NFIP reforms set for mark-up; NAFCU gives issue update, meets with Calabria

It is a busy week on Capitol Hill as both the House and Senate are in session. The House Financial Services Committee is set to begin a markup tomorrow on a number of bills, and work continues on appropriations bills. NAFCU’s award-winning advocacy will ensure credit unions are represented in these discussions.

Wednesday, NAFCU President and CEO Dan Berger and other senior leaders will update members on key credit union issues, including the current expected credit loss (CECL) standard, Bank Secrecy Act (BSA)/anti-money laundering (AML) regime, marijuana banking and more during the association’s Q2 Member Call-In. The call is scheduled for 4 p.m. Eastern; this member-only benefit is free but registration is required.

Friday, Berger and credit union representatives will meet with Federal Housing Finance Agency (FHFA) Director Dr. Mark Calabria. NAFCU has met with Calabria several times to share the association’s housing finance reform priorities. Calabria recently indicated that the GSEs would be released from government conservatorship in the near future, and the Treasury Department continues to make progress on its housing finance reform plan.

There are eight bills on the docket for the House Financial Services Committee markup, including:

  1. The Corporate Transparency Act, introduced by Rep. Carolyn Maloney, D-N.Y., which would help financial institutions comply with the new customer due diligence (CDD) rule by requiring companies to disclose their true “beneficial owners” to the Financial Crimes Enforcement Network (FinCEN) for creation of a database of beneficial ownership information that would be available to law enforcement agencies and financial institutions.

  2. The National Flood Insurance Program Reauthorization Act of 2019, which would provide a five-year authorization of the program, and would also make a number of reforms to make coverage more affordable, expand flood risk mapping and mitigation and allow policyholders to move between the NFIP and private policies without penalty. Congress recently approved a disaster aid packagethat authorized the NFIP until Sept. 30.

The House Appropriations Committee is set to markup the fiscal year 2020 financial services and general government (FSGG) billtomorrow. The bill includes NAFCU-sought funding for the NCUA’s Community Development Revolving Loan Fund (CDRLF) and the Community Development Financial Institutions (CDFI) Fund, as well as a provision related to marijuana banking.

Wednesday, the House Armed Forces Committee will markup the FY2020 National Defense Authorization Act (NDAA). NAFCU remains engaged to ensure that the interests of defense credit unions are represented; the association last year led efforts during consideration of the FY 2019 NDAA to protect credit union nominal leases on military installations and stop an effort to allow all banks to operate rent-free on military bases.

Other hearings on Capitol Hill this week include:

  1. a House Financial Services subcommittee hearing tomorrow on state oversight of the student loan servicing market;

  2. a Senate Banking Committee hearing tomorrow on data brokers and the impact on financial data privacy, credit, insurance, employment and housing;

  3. a House Small Business subcommittee hearing tomorrow on the Small Business Administration’s (SBA) state trade expansion program;

  4. a Senate Commerce Committee oversight hearing Wednesday with the Federal Communications Commission (NAFCU last week was engaged as the commission approved a declaratory ruling related to robocalls); and

  5. a Senate Small Business Committee hearing Wednesday on the SBA’s contracting programs.

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