The Senate passed a compromise version of the fiscal year 2022 NDAA Wednesday. Neither version contains language CUNA, Leagues, and credit unions fought to exclude that would have allowed banks the ability to operate rent-free on military bases.

CUNA is “very concerned with the condensed timeframe” between NCUA’s release of a draft budget and the scheduled vote on the budget at its Dec. 16 meeting, and questions whether additional time is needed for the agency to properly review feedback.

The Federal Communications Commission Tuesday night issued an order in response to the USTelecom petition on call blocking requirements. CUNA filed comments and ex parte letters with the FCC calling on it to ensure the purpose-built notification methods ordered are retained.  

The Credit Union Legislative Action Council Executive Committee has confirmed new members on its Board of Trustees for two-year terms. CULAC is CUNA’s federal political action committee. Patrick Conway, president/CEO of the CrossState Credit Union Association is the new chair.

NCUA, along with other federal and state regulators, recognize the serious impact of tornadoes on the customers and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision.

Sen. Tim Scott introduced a CUNA-supported bill Tuesday to prevent the Small Business Administration from becoming a direct lender. CUNA supports a similar bill introduced in the House by Rep. Blaine Luetkemeyer (R-Mo.).

CUNA fears cryptocurrency and blockchain based financial platforms are creating an unregulated financial sector that could have major repercussions to the economy, and notes while they allow for innovation, they must be overseen.

President Joe Biden nominated Sandra Thompson Tuesday to serve as director of the Federal Housing Finance Agency. CUNA has met with Thompson repeatedly during her tenure as acting director on credit union housing finance priorities.

The House of Representatives and the Senate are in session this week, the House will continue to resolve the debt limit legislation ahead of the Dec. 15 deadline. The Senate is expected to continue its consideration of the fiscal year 2022 National Defense Authorization Act.

The Senate Finance Committee released the tax provisions of the Build Back Better Act Saturday without expanded Internal Revenue Service (IRS) reporting requirements. CUNA, Leagues, credit unions, and members helped keep the expanded requirements out of the House-passed Build Back Better Act.