WASHINGTON–Here is an overview of Washington-related happenings this week, including legislation, a hearing, a vote on the NCUA board nominee, primaries and more, according to America’s Credit Unions.
The National Defense Authorization Act
As the CU Daily reported earlier, both the House and Senate continue to work on their respective NDAA versions to floor votes.
“Partisan amendments in the House have kept the legislation from passing a rules vote and discussions around a third reconciliation bill to get portions of SAVE America Act passed can complicate negotiations further,” America’s Credit Unions said.
The trade group noted the House has not made any financial services amendments impacting credit unions in order under the rule that advanced out of the Rules Committee before the recess.
“The Senate continues to sift through the hundreds of amendments filed for floor consideration,” according to America’s Credit Unions. “We expect Senate leaders to continue to work behind the scenes this week to try to come to agreement on what amendments to consider and/or include in their version of the bill when it comes to the floor.”
America’s Credit Unions noted it sent a letter to Senate leadership advocating for credit union-backed amendments previously.
NCUA Nomination
America’s Credit Unions said the Senate Banking Committee has scheduled a vote on Thursday for the nomination of John Crews to the NCUA board.
America’s Credit Unions earlier sent a letter to the Senate Banking Committee before Crews’ testimony on June 25.
“Mr. Crews is eminently qualified for the NCUA Board,” the letter states. “Just a few examples of his deep financial policy experience include serving as the Staff Director for the Senate Banking Subcommittee on Securities and Insurance, Special Advisor for Economic Policy to the President, Policy Director for the full Senate Banking Committee, and as Policy Advisor to the House Majority Leader.”
Senate Majority Leader John Thune has indicated confirming outstanding nominees ahead of the August recess is a priority, according to the trade group.
CFPB Nominee
On Thursday, the Senate Banking Committee on Thursday will also conduct a hearing with testimony from CFPB Director nominee Brian Johnson.
Johnson, current Capital One executive and former CFPB deputy director.
“America’s Credit Unions congratulates Brian Johnson on his nomination to serve as CFPB Director. Johnson has significant experience in financial policy, and a strong understanding of the importance of right-sized regulations,” Scott Simpson, America’s Credit Unions president/CEO, said in a statement. “We look forward to the opportunity to work with Johnson in this capacity to advance reforms at the bureau, should he be confirmed.”
Clarity Act
America’s Credit Unions said the Senate could bring the bill to the floor this week after being advanced out of the Senate Banking Committee in the Spring.
“The timing of this bill passage remains in flux as work continues behind the scenes to get bipartisan support for passage,” America’s Credit Unions said. “We will provide updates to press on any developments; we are planning additional outreach to senators on the issue this week.”
NCUA Implementation of GENIUS Act
As NCUA works to implement the GENIUS Act, America’s Credit Unions noted it submitted comments on the proposal Friday. NCUA’s proposal contains core operational requirements for agency-licensed permitted payment stablecoin issuers (PPSIs), the trade group stated.
“We commend the NCUA for seeking to align proposed regulations with the statutory text of the GENIUS Act and for favoring individualized, risk-based assessments over rigid quantitative mandates in areas where the statute directs tailoring, such as capital adequacy,” the letter reads.
While acknowledging an overarching objective of regulatory coordination, the letter urged “the NCUA to remain attentive to the structural differences [of] credit unions.”
Hearing Scheduled
A congressional hearings this week that America’s Credit Unions said it will be watching includes:
- Today: The House Financial Services Committee will conduct oversight hearings on the Financial Crimes Enforcement Network and the Federal Home Loan Bank system
Primary Today
Arizona today will host the only primary of July where America’s Credit Unions PAC is supporting three candidates, including Rep. Juan Ciscomani (R-AZ)
