Both chambers of Congress are back in session this week, and CUNA will be engaged with several hearings throughout the week.

President Joe Biden also released his initial budget proposal for Fiscal Year 2022 late last week. The 58-page document does not contain great detail but includes a $330 million request for the Treasury’s Community Development Financial Institutions (CDFI) Fund, a 22% increase from last year’s $270 million.

Other credit union-related funds, including NCUA’s Community Development Revolving Loan Fund and the U.S. Agency for International Development’s Cooperative Development Program, are not included in the proposal.

Hearings CUNA will be engaged with this week include:

• Tuesday, 10 a.m. (ET): Senate Banking, Housing and Urban Affairs Committee hearing, "Separate and Unequal: The Legacy of Racial Discrimination in Housing;”
• Tuesday 2:30 p.m. (ET), Senate Banking, Housing and Urban Affairs Subcommittee On Economic Policy hearing, "The Student Debt Burden and Its Impact on Racial Justice, Borrowers, & The Economy;
• Wednesday 10 a.m. (ET): House Appropriations Subcommittee on State, Foreign Operations, and Related Programs markup, “Critical Management Issues – U.S. Diplomatic and Development Agencies.” The subcommittee will also vote on several nominations;
• Wednesday, 10 a.m. (ET): House Financial Services Committee on Financial Services hearing, “Build Back Better: Investing in Equitable and Affordable Housing Infrastructure;”
• Thursday, 10 a.m. (ET): House Financial Services Subcommittee on Consumer Protection and Financial Institutions hearing, “Banking Innovation or Regulatory Evasion? Exploring Trends in Financial Institution Charters;”
• Thursday, 2 p.m. (ET): House Financial Services Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets hearing, “The End of LIBOR: Transitioning to an Alternative Interest Rate Calculation for Mortgages, Student Loans, Business Borrowing, and Other Financial Products.”