This week: NAFCU pushes for reg relief, RBC delay; flood insurance vote expected

by NAFCU Newsroom

NAFCU this week will continue to push the Senate to address NAFCU-backed, House-passed regulatory relief measures and approve of the association’s efforts to delay the NCUA’s risk-based capital (RBC) rule – a provision that has passed the House three times. The House this week is expected to vote on a four-month extension of the National Flood Insurance Program, which expires July 31.

NAFCU on Wednesday will monitor a House Energy and Commerce Committee oversight hearing of the Federal Communications Commission. NAFCU has urged the FCC for more clarity and flexibility so credit unions can contact their members without fear of breaking the law. Testifying at the hearing are FCC Chairman Ajit Pai, and Commissioners Michael O’Rielly, Brendan Carr and Jessica Rosenworcel. NAFCU President and CEO Dan Berger met with Pai earlier this year to discuss the FCC’s current approach to rulemaking regarding the Telephone Consumer Protection Act and share credit unions’ concerns.

The association on Tuesday will also follow a House Financial Services Committee mark-up of several bills, including the Mortgage Fairness Act of 2017 (H.R. 2570), which would amend the Truth in Lending Act to ensure that the points and fees in connection with a mortgage loan do not include certain compensation amounts already taken into account in setting the interest rate on such a loan. Also included in the mark-up is the Financial Technology Protection Act (H.R. 5036), which would establish an Independent Financial Technology Task Force that would reward information leading to convictions related to terrorist use of digital currencies, among other things.

 

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