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05.20.2019
This Week: Congress Considers Disaster and Flood Bills
The House and Senate are in session this week and are expected to take up bills related to disaster aid, the National Flood Insurance Program (NFIP) and CFPB ahead of the Memorial Day recess. The NCUA Board meets Thursday and will issue a proposed rule on public unit and nonmember shares.

The NFIP is set to expire at the end of the month. The House has already passed a short-term extension bill and a disaster aid package, both of which would extend the program through Sept. 30. The Senate plans to take up a disaster aid package this week, though it is unclear if it will be the House version – which the president has also expressed opposition to – and it could take up the standalone NFIP extension bill.

NAFCU has urged lawmakers to not let the program lapse as it would put millions of Americans at risk, and has pushed for other improvements to the program.

In addition, the House could vote on legislation that would roll back efforts at the CFPB that were implemented under former Acting Director Mick Mulvaney. One of the provisions would keep the consumer complaint database public; NAFCU has pressed the bureau to avoid publication of complaint information that cannot be fully verified in order to reduce the risk of reputational harm. Although the bill could pass the House, it is unlikely to advance in the Senate.

NAFCU's award-winning advocacy team will monitor Thursday's NCUA Board meeting, set to begin at 10 a.m. Eastern (see what's on the agenda here), as well as these hearings on Capitol Hill:

• Tuesday, the Senate Banking Committee will hear from Financial Crimes Enforcement Network (FinCEN) Director Kenneth Blanco and representatives from the Treasury Department and FBI on efforts to combat illicit finance. Specifically, the hearing will review the collection of beneficial ownership information; a NAFCU Compliance Blog post provides more details on these requirements.

• Tuesday, the House Financial Services Committee will conduct an oversight hearing of the Department of Housing and Urban Development.

• Wednesday, the House Financial Services Committee will hear from Treasury Secretary Steven Mnuchin on the state of the international finance system.

NAFCU's sold-out Board of Directors and Supervisory Committee Conference gets underway this week in Savannah, Ga. Learn more about the sessions happening in NAFCU Today and follow #CUBoards on Twitter for updates.

Copyright 2019. NAFCU. (link)
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