There was much activity of interest to credit unions this week in Washington, D.C., with multiple hearings and a confirmation of the director of the Bureau of Consumer Financial Protection:
- On November 26th CUNA reached out to key legislators regarding the new tax reform bill (a Senate amendment to H.R. 88) to raise concerns and push for changes to help ensure credit unions aren’t inadvertently impacted.
- On November 28th the House Financial Services subcommittee on housing and insurance held a hearing regarding the oversight of the Federal Housing Administration.
- Also on November 28th, the House Financial Services subcommittee on monetary policy and trade held a hearing on evaluating the effectiveness of the International Financial Institutions.
- On November 29th the Senate Banking Committee held a hearing on Combating Money Laundering and Other Forms of Illicit Finance where they heard from regulators and law enforcement on potential reform measures.
- On November 29th Kathy Kraninger inched one step forward to potentially being confirmed as the director of the Bureau of Consumer Financial Protection (previously referred to as the CFPB). CUNA wrote to Senate leadership on November 26th in advance of its vote after Senate Majority Leader Mitch McConnell (R-Ky.) filed cloture Nov. 15 on the nomination, setting up a full Senate vote once the chamber votes to end debate and place her as head of this organization that touches multiple areas of compliance interest to credit unions. Kraninger previously worked at the Office of Management and Budget before being nominated in June by the president to replace Acting Director Mick Mulvaney.
