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| This Week: House Preps Vote on COVID Relief |
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The House this week is planning to take up the $1.9 trillion coronavirus relief package after the Budget Committee meets today to assemble the respective components of the budget resolution package. Upon House passage, the package will then move to the Senate where only a simple majority is needed to approve it.
NAFCU will maintain its advocacy to ensure credit unions and their 123 million members have access to the tools and resources needed to get through the pandemic and economic downturn. The association has consistently shared with lawmakers credit union-supported provisions to include in future relief packages to help the nation recover.
Federal Reserve Board Chair Jerome Powell is also set to give Congress an update on the state of the economy and monetary policy, testifying before the Senate Banking Committee tomorrow and the House Financial Services Committee Wednesday. The Federal Open Market Committee's (FOMC) most recent meeting minutes indicated that the stimulus package passed at the end of the year and the upcoming relief package could provide a sizable boost in economic activity.
Thursday, the Senate Banking Committee will hold a hearing to explore the coronavirus' impact on Main Street businesses and possible solutions to support recovery, and the Senate Small Business Committee is set to vote on the nomination of Isabella Guzman as administrator of the Small Business Administration. During her testimony before the committee earlier this month, Guzman noted her commitment to working with the committee to improve the administering of pandemic relief through the SBA’s programs and making needed improvements to SBA programs that provide non-pandemic related relief.
Also happening on Capitol Hill this week:
• the Senate Finance Committee tomorrow will hold a nomination hearing for Adewale Adeyemo to be Treasury deputy secretary;
• tomorrow, the House Appropriations Committee will hold an oversight hearing of the Internal Revenue Service (IRS);
• Wednesday, a House Financial Services subcommittee will hold a hearing on discriminatory lending practices; and
• Thursday, two House Financial Services subcommittees will hold hearings related to domestic terrorist financing and corporate responsibility as it relates to climate change.
NAFCU is also offering several webinars this week:
• tomorrow, the association is offering a complimentary webinar with representatives from the government-sponsored enterprises, Fannie Mae and Freddie Mac, to go over the redesigned Uniform Residential Loan Application (URLA);
• Thursday, a webinar will review the NCUA's new rule related to the issuance of subordinated debt; and
• Friday, there's another complimentary webinar on the Community Development Financial Institution (CDFI) Fund's Rapid Response Program, which opens this week with $1.25 billion in grants available for CDFIs.
Copyright 2021. NAFCU. (link) |
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