NAFCU, trades reiterate opposition to changes in military base leases

As Congress shifts focus to marking up the National Defense Authorization Act (NDAA) this week, NAFCU, the Defense Credit Union Council, and CUNA sent a letter to leaders of the House Armed Services Committee to reiterate their opposition to any changes to allowing banks to operate rent-free on military bases.

Mesack calls on Congress to hold CFPB accountable

NAFCU Senior Vice President of Government Affairs Greg Mesack is calling on lawmakers “to ensure that the CFPB’s actions endure appropriate congressional scrutiny” as the Senate Banking Committee holds an oversight hearing of the bureau with Director Rohit Chopra testifying today.

CFPB outlines perspective on open banking, 1033 rulemaking

CFPB Director Rohit Chopra published a blog Monday outlining the bureau’s efforts “to accelerate the shift to open banking through a new personal data rights rule intended to break down…obstacles, jumpstart competition, and protect financial privacy.” Section 1033 of the Dodd-Frank Act provides for consumer rights to access financial records; NAFCU has urged the bureau to ensure the rulemaking is not overly burdensome on credit unions.

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NAFCU flags CU issues ahead of HFSC hearing with Treasury’s Yellen

NAFCU sent a letter to members of the House Financial Services committee ahead of their scheduled hearing today with Treasury Secretary Janet Yellen. NAFCU Vice President of Legislative Affairs Brad Thaler offered the credit union perspective on a number of key issues, including the Community Development Financial Institutions Fund (CDFI Fund), NCUA’s climate risk data, and the Greenhouse Gas Reduction Fund (GHGR Fund).

NAFCU pushes for CU reforms to increase access to capital for entrepreneurs, vets

NAFCU Vice President of Legislative Affairs Brad Thaler wrote to House Small Business Committee Chairman Roger Williams, R-Texas, and Ranking Member Nydia Velázquez, D-N.Y., ahead of today’s hearing on ways to support entrepreneurs through public and private resources.

FOMC expected to pause rate hikes

The Federal Open Market Committee (FOMC) begins its two-day monetary policy setting meeting today. It is expected to hold the federal funds rate at its current range of 5 to 5.25 percent after 10 previous meetings ending with consecutive hikes.

Survey extended: Share insights into fraud facing CUs

Credit unions have until Wednesday to share insights into fraud trends facing the industry. NAFCU’s Economic & CU Monitor survey can be completed online and its responses help inform the association’s advocacy efforts with lawmakers and regulators.