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This Week: Congress Returns to D.C.; NAFCU Preps for Phase 4, Caucus
Lawmakers return to Capitol Hill this week and have several hearings on their agenda in addition to continuing work on a potential Phase 4 coronavirus relief package, the fiscal year 2021 National Defense Authorization Act (NDAA), the nomination of Kyle Hauptman for the NCUA Board, and the annual funding packages. NAFCU will maintain its bold advocacy strategy to ensure credit union priorities are addressed in each of these.

Also, NAFCU's Virtual Congressional Caucus kicks off in less than a week. Hundreds of credit union leaders are set to hear from key lawmakers, administration officials, and regulators during the two-day event and will be holding virtual Capitol Hill meetings with representatives and senators ahead of the 2020 presidential election. Registration for the event is still open; on-demand recordings will also be made available to attendees. Stay tuned to NAFCU Today for the latest updates on speakers, advocacy resources, and more.

While the House previously passed its Phase 4 package, the Senate has yet to come to an agreement on its proposed version. Senate Republicans have floated a "skinny" version of its original package that was released in July for a possible vote this week, but Senate Democrats are pushing for more to be done on rental assistance, state and local services, and more. NAFCU has continued to work with lawmakers to ensure credit union priorities are included in any final legislation.

NAFCU will also continue to monitor activity on Capitol Hill related to the NDAA, as the House and Senate are expected to move to a conference soon to work out differences between the two bills. NAFCU lobbyists continue to engage with lawmakers to advocate against a provision included in the Senate version of the bill related to nominal leases on military bases.

Relatedly, funding for the federal government is set to expire Sept. 30. Should the House and Senate be unable to reach agreements to pass fiscal year 2021 spending bills, a continuing resolution to prevent a government shutdown could be considered. NAFCU has urged lawmakers to support additional funding for the Treasury's Community Development Financial Institutions (CDFI) Fund and the NCUA's Community Development Revolving Loan Fund (CDRLF) to help low-income communities recover from the pandemic. The association has also opposed proposals to include postal banking in the funding packages.

Hearings of note happening on Capitol Hill this week:

today, a House Financial Services subcommittee will hold a hearing on diversity and inclusion at the financial regulators;

tomorrow, the Senate Banking Committee will hold a hearing to review the Federal Reserve's emergency lending facilities;

tomorrow, the House Small Business Committee will hold a hearing to review transparency in small business lending;

Thursday, the House Financial Services Committee will discuss financial aid needed to support first responders and schools amid the pandemic; and

Thursday, the House Small Business Committee will hold another hearing on how to kick start entrepreneurship and Main Street economic recovery.

Copyright 2020. NAFCU.

For credit unions interested in learning more about the NCUA's virtual exam efforts, NAFCU is hosting a complimentary webinar Thursday with agency representatives. Learn more at this (link)
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