news.cuna.org/articles/113429-cuna-engaged-w-tax-talks-hfsc-markup-this-week

CUNA engaged w/ tax talks, HFSC markup this week

December 11, 2017

Both chambers of Congress are in Washington, D.C. this week, and CUNA is engaged with several activities, including the tax reform conference committee and a markup of regulatory relief bills. Members of the House and Senate are expected to meet starting Wednesday to work on the tax reform bill, versions of which have passed the House and Senate with no changes to the credit union tax status.

The House Financial Services Committee is scheduled to mark up 15 bills starting Tuesday, three of which CUNA supports. CUNA wrote to committee leadership Monday expressing support for those bills. 

The bills include:

  • Making Online Banking Initiation Legal and Easy Act of 2017 (H.R. 1457), which would allow financial institutions to record personal information from copy of an individual's identification for the purpose of verifying the authenticity the identification;
     
  • Common Sense Credit Union Capital Relief Act of 2017 (H.R. 4464), which would repeal NCUA’s risk-based capital rule; and
     
  • Financial Institutions Examination Fairness and Reform Act of 2017 (H.R. 4545), which would bring fairness to the exam process by providing for an independent appeals process at the Federal Financial Institutions Examination Council. 

The markup is scheduled to begin at 10 a.m. (ET) Tuesday, and will be streamed live on the committee’s website.

Congress is also expected to work on funding the government past Dec. 22, after the House and Senate approved a continuing resolution last week.