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News Now

Washington
In Congress: McWatters, flood insurance, FHLB membership for privately insured CUs
WASHINGTON (3/11/14)--This week in Congress, there are a number of matters of interest for credit unions.  As reported earlier, the Senate Banking Committee's rescheduled hearing for the nomination of  J. Mark McWatters to become a National Credit Union Administration board member is on the plate for Thursday.  So are a potential markup of legislation that would allow some credit unions to join the Federal Home Loan Bank system, and a full Senate vote on a National Flood Insurance Program bill.

Rep. Steve Stiver's (R-Ohio) bill (H.R. 3584) would permit privately insured credit unions to join the Federal Home Loan Bank system. The bill may be considered when the House Financial Services Committee holds markup sessions Thursday and Friday. Stivers' bill addresses one of the more than 30 regulatory relief proposals the Credit Union National Association submitted to the committee at a hearing last year.

H.R. 2672, which would address the Consumer Financial Protection Bureau's rural designation, and the committee's budget views and estimates, may also be considered by the Financial Services panel.

The Senate this week is expected to approve legislation providing for a four-year delay in the implementation of some provisions of the 2012 Biggert-Waters National Flood Insurance Program Act, such as an increase in premiums.

CUNA will also track committee hearings this week, including:
  • Today's Senate Banking Committee consumer protection subcommittee hearing titled "Finding the Right Capital Regulations for Insurers;"
  • A Wednesday House Budget Committee hearing on President Barack Obama's fiscal 2015 revenue and economic policy proposals; and
  • A Wednesday Senate Banking Committee economic policy subcommittee hearing titled "The State of U.S. Retirement Security: Can the Middle Class Afford to Retire?"
When the House and the Senate recess at the end of this week, they will be out of session until the week of March 24.


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