CUNA engaged w/ Senate witness testimony, tax reform hearing
A CUNA witness talking housing reform before the Senate Banking Committee and a hearing on tax reform are among several events CUNA is engaged with on Capitol Hill this week. On Thursday, the Senate Banking Committee will conduct a hearing titled “House Finance Reform: Maintaining Access for Small Lenders,” starting at 10 a.m. (ET).
Tim Mislansky, senior vice president and chief lending officer, Wright-Patt CU, and president, myCUmortgage LLC, Beavercreek, Ohio, will testify on behalf of CUNA. Another CUNA member, Charles Purvis, president/CEO, Coastal FCU, Raleigh, N.C., will also be testifying.
CUNA is also engaged with a Tuesday hearing, conducted by the Senate Finance Committee, titled “Comprehensive Tax Reform: Prospects and Challenges.” CUNA submitted a letter for the hearing’s record Monday urging Congress to retain and reaffirm the credit union tax status.
CUNA News coverage of the letter can be found here.
CUNA is also engaged with the movement of the 12 annual appropriations bills in the House, most of which have already been passed by the committee. The House is expected to continue passing appropriations bills out of committee, with the hope of bundling them into an omnibus spending package that could be passed before the August recess.
Efforts from CUNA, leagues, credit unions and other stakeholders helped score critical wins last week in the financial services and general government appropriations bill for fiscal year 2018.
This includes restoring full funding to the NCUA’s Community Development Revolving Loan Fund, in addition to regulatory relief provisions also contains in the Financial CHOICE Act (H.R. 10).
CUNA is concerned with several provisions in the FSGG bill, including bringing the NCUA under the appropriations process. CUNA is working with House members to strike this provision and Reps. Mark Amodei (R-Nev.), Tom Graves (R-Ga.) and Jeb Hensarling (R-Texas) have pledged to develop a compromise giving Congress more oversight over NCUA, while allowing the agency and the National Credit Union Insurance Fund to maintain their independence.