Congress is expected to vote on the FY21 NDAA conference report this week and negotiations continue to fund the federal government past Dec. 11. CUNA will also be engaged with two Senate subcommittee hearings.

Consideration of a national bank charter application for an uninsured depository institution should be postponed, as the “precedent-shattering approach” of granting a national bank charter to an institution that accepts only uninsured deposits would violate Federal law and the intent of Congress.

Former Senator Paul Sarbanes, who strongly supported credit union priorities during his 30 years in the Senate, passed away at the age of 87. He was praised as a “bulwark in the Senate” for his support of the Credit Union Membership Access Act.

Credit union-supported Luke Letlow was named the winner of Saturday’s runoff election for Louisiana’s 5th Congressional District. CUNA, through its PAC, and the Louisiana Credit Union League supported Letlow, who defeated fellow Republican challenger Lance Harris with 62% of the vote.

CUNA Senior Economist Jordan van Rijn discusses the latest on the pandemic’s economic impact, as well as the effects next year of an incoming Biden administration in CUNA’s latest Economic Update video.

House and Senate legislators unveiled the compromise FY21 NDAA today without a language provision that would allow certain banks to obtain cost waivers to operate on military installations. CUNA, the Leagues, and the Defense Credit Union Council fought to exclude this provision from the final bill.

CARES Act provisions providing Troubled Debt Restructuring and Central Liquidity Facility relief will expire Dec. 31 and should be extended, CUNA wrote to the House Financial Services Committee Wednesday.

NCUA’s proposed 2021 budget appropriately responds to changing priorities, especially in light of the pandemic. Comments are due to the agency Dec. 11, and the Board will vote on the budget Dec. 17.

Kyle Hauptman was confirmed by the Senate Wednesday for a seat on the NCUA board. Hauptman will serve a term through August 2025 once sworn in. 

The CFPB should clarify fair lending standards under the Equal Credit Opportunity Act, update its ECOA examination procedures and revise relevant interagency policy statements related to preventing discriminatory lending.