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01.18.2022
Senate Votes on Filibuster Rules, NAFCU calls for CU Feedback on BSA
As the expiration of the continuing resolution, passed Dec. 2, steadily approaches next month, much is still up in the air as to what Congress will do next. Members from both chambers say they are getting closer to a deal in setting the spending number for an appropriations package to fund the government and avoid a shutdown on Feb. 18.

Senate Majority Leader Chuck Schumer, D-N.Y., announced last Friday that the Senate has postponed recess this week and will instead try to vote on several key pieces of legislation. The Senate is expected to vote tomorrow on election and voting legislation, and could consider the chamber’s filibuster rules.

The House Oversight and Investigations Subcommittee will hold a hearing to examine the energy impacts of cryptocurrency. The hearing will take place this Thursday, Jan. 20.

Of note, President Joe Biden last week also announced three nominations to serve as top officials for the Federal Reserve’s Board of Governors. Biden nominated Sarah Bloom Raskin, former deputy Treasury secretary and Fed governor to serve as the Vice Chairman for Supervision, as well Lisa Cook and Philip Jefferson, both academics with a strong focus on labor markets, to fill two other spots on the Board.

NAFCU encourages credit unions to submit their input on a Financial Crimes Enforcement Network (FinCEN) request for comment regarding the Bank Secrecy Act (BSA). FinCEN is seeking feedback on ways to streamline, modernize, and update BSA regulations to better protect the U.S. financial system in a cost-effective manner.

FinCEN is focused on reviewing the current recordkeeping and reporting requirements of BSA, as well as any redundant or outdated regulations and guidance. Comments are due to NAFCU Friday.

Stay tuned to NAFCU Today for the latest out of Washington.

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