CUNA-backed bills on House floor, cannabis, CECL hearings this week

January 13, 2020

The House is expected to consider two bills supported by CUNA this week, and CUNA will also engage on a hearing on cannabis business and the Financial Accounting Standards Board (FASB). FASB is the entity issuing the current expected credit loss (CECL) standard.

The House will consider the Expanding Opportunities for Minority Depository Institutions (MDI) Act (H.R. 5315) and the Cybersecurity and Financial System Resilience Act of 2019 (H.R. 4458).

H.R. 5315 would codify the Treasury Department’s mentor protégé program to encourage collaboration between Minority Depository Institutions and large financial institutions. This program represents a valuable resource for MDI credit unions because it offers an opportunity to bolster their sustainability.

It passed the House Financial Services Committee in December with a 57-0 vote.

H.R. 4458 would require NCUA and other sectors’ regulators to each issue an annual report to Congress describing measures the respective agency has taken to strengthen cybersecurity with respect to its functions as a regulator, including the supervision and regulation of financial institutions and, where applicable, third-party service providers.

It passed the House Financial Services Committee in October via voice vote.

Hearings CUNA is engaged with this week include:

  • Tuesday, 10 a.m. (ET): House Financial Services Committee hearing, “On the Brink of Homelessness: How the Affordable Housing Crisis and the Gentrification of America is Leaving Families vulnerable;”
  • Wednesday, 10 a.m. (ET): House Financial Services subcommittee on national security, international development and monetary policy hearing, “A Persistent and Evolving Threat: An Examination of the Financing of Domestic Terrorism and Extremism;”
  • Wednesday, 10 a.m. (ET): House Energy and Commerce subcommittee on health hearing, “Cannabis Policies for the New Decade;” and
  • Wednesday, 2 p.m. (ET): House Financial Services subcommittee on investor protection, entrepreneurship and capital markets hearing, “Overseeing the Standard Setters: An Examination of FASB and the Public Company Accounting Oversight Board.”