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This Week: Congress Exercises Megabank Oversight, NCUA Board Meets
Following an eventful week of meetings with credit unions during NAFCU’s 2022 Congressional Caucus, the House and Senate are in session with several key hearings happening this week. Both chambers are set to conduct oversight hearings on megabanks. U.S. Bancorp, PNC, JP Morgan, Bank of America, and Wells Fargo are among the listed witnesses.

The House Financial Services Committee will hold its hearing Wednesday, September 21 at 10:00 a.m., and the Senate Banking, Housing, and Urban Affairs Committee will hold its hearing Thursday, September 22 at 9:30 a.m. Eastern. NAFCU will monitor the hearings and continue to advocate for a competitive and level playing field for credit unions within the banking industry.

The NCUA Board this Thursday will meet and receive a briefing on the Share Insurance Fund (SIF) Quarterly report. The board will also discuss proposed rules on subordinated debt and member expulsion in the federal credit union (FCU) bylaws, which implements the changes made by the Credit Union Governance Modernization Act. The meeting, scheduled to begin at 10 a.m. Eastern, will be available via livestream on the agency’s website.

Of note, other items happening this week include:

- Tuesday, the House Agriculture Committee will hold a hearing to discuss crypto as a tool for financial access; and

- Tuesday, NAFCU kicks off its CFO Summit.

In addition, NAFCU continues to fight back against the harmful Credit Card Competition Act (CCCA). Last week, NAFCU’s Senior Vice President of Government Affairs Greg Mesack co-led a briefing to help Congressional and Federal Reserve staff understand the negative impacts of CCCA, calling attention to how any expansion of the failed Durbin Amendment would hurt consumers and Main Street businesses. NAFCU will be monitoring a hearing in the House Financial Services’ Monetary Policy Subcommittee on Tuesday that is looking at alternative payment systems for any discussion on interchange.

NAFCU urges credit unions to use NAFCU’s Grassroots Action Center to speak against this bill. Credit unions can go to the Grassroots Action Center to send a message to their lawmakers requesting them to oppose the misguided legislation.

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