CUNA following appropriations bills, DOL overtime hearing

May 9, 2016

CUNA will be watching two appropriations bills this week for amendments that may affect financial services. The U.S Senate is expected to resume consideration of the Energy and Water Development and Related Agencies Appropriations Act of 2016 (H.R. 2028), while the House may consider the National Defense Authorization Act for Fiscal Year 2017 (H.R. 4909).

Also this week, the Senate Committee on Small Business and Entrepreneurship will conduct a hearing examining the U.S Department of Labor’s (DOL) overtime rule. The hearing is scheduled for Wednesday, starting at 10 a.m. (ET).

The DOL proposed changes in overtime pay in 2015--changes that would increase the threshold of overtime pay eligibility by more than twice the current rate. CUNA, in its comment letter, said the proposal would make it extremely difficult for credit unions to comply with the rule.

CUNA has backed House and Senate bills, the Protecting Workplace Advancement and Opportunity Act (S. 2707/H.R. 4773), that would require the DOL to fully analyze the impact of the proposal.

In addition to that hearing, CUNA will be monitoring several others this week, including:

  • Wednesday, 10 a.m. (ET), House Oversight and Government Reform Committee hearing titled “Reforming the Postal Service: Finding a Viable Solution;”
  • Thursday, 10 a.m. (ET), House Financial Services subcommittee on housing and insurance hearing titled "The Future of Housing in America: A Comparison of the United Kingdom and United States Models for Affordable Housing;"
  • Thursday, 10 a.m. (ET), House Science, Space, and Technology Committee oversight subcommittee hearing titled "Federal Deposit Insurance Corp. Data Breaches: Can Americans Trust that Their Private Banking Information Is Secure;” and
  • Thursday, 10 a.m. (ET), House Ways and Means subcommittee on tax policy will conduct its third hearing on tax reform proposals. Rep. Devin Nunes (R-Calif.), a member of the committee, presented a bipartisan tax reform bill in January that leaves the credit union tax status untouched at an earlier hearing.