ALEXANDRIA, Va.–While the Washington focus has been on Capitol Hill, especially over the last month as credit unions fought to not lose their tax exemption, some of that attention will cross the Potomac this week with NCUA scheduled to hold its first board meeting since two of its board members were removed by President Trump.
On Thursday the agency is set to hold its May board meeting with only Chairman Kyle Hauptman on hand. Former board members Todd Harper and Tanya Otsuka will be absent; both have filed a lawsuit arguing their removal violated the Federal Credit Union Act, among other things. Both former board members shared their thoughts, plans and more with the CU Daily here.
On the meeting agenda this week are an update on the state of the NCUSIF as well as an update on the agency’s workforce reduction, which has also been ordered by the Trump administration. The CU Daily will have full coverage.
Also in Washington
Meanwhile, in Washington, credit unions continue to watch the ongoing reconciliation process, with the House Budget Committee on Sunday having advanced the bill. America’s Credit Unions said a House vote could take place by the end of the week.
On Tuesday, the House Financial Services Committee will begin marking up approximately two-dozen pieces of legislation, among them the Taking Account of Institutions with Low Operation Risk (TAILOR) Act (H.R. 3380), which has credit union backing.
That bill would require that rules promulgated by regulators be tailored to fit financial institutions’ business models and risk profiles, America’s Credit Unions said, noting it wrote in support of the bill when it was discussed at a House Financial Services subcommittee hearing in April.
One Response
Don’t expect much from this week’s NCUA Board Meeting.
It takes two to Tango, or to pass new rules and regulations.
Title 12, Chapter VII, Subchapter B, Part 791.2:
“Number of votes required for board action. The agreement of at least two of the three Board members is required for any action by the Board.”