This week: Lawmakers discuss DEI package, NAFCU-sought FOM bill, overdraft fees, more

The House and Senate remain in session and have several hearings scheduled this week. The association will continue to advocate on behalf of the industry to ensure credit union voices are heard.

Inflation rose to highest level since 1981 in May

On a seasonally-adjusted basis, overall consumer prices rose 1 percent in May, with the Bureau of Labor Statistics reporting that the overall consumer price index (CPI) grew by 8.5 percent over the 12-month period. NAFCU Chief Economist and Vice President of Research Curt Long analyzed the data in a new Macro Data Flash report. 

NAFCU supports inclusion of NAFCU-backed Expanding Financial Access for Underserved Communities Act in DEI package

NAFCU Senior Vice President of Government Affairs Greg Mesack wrote to the House Rules Committee Friday regarding its hearing and markup today that discusses a legislative package on diversity, equity and inclusion (DEI), the Financial Services Racial Equity, Inclusion, and Economic Justice Act. Of note, the Act currently includes the NAFCU-backed Expanding Financial Access for Underserved Communities Act, which allows all types of federal credit unions to add underserved areas to their field of membership. In addition, the bill adds "banking deserts," areas not within 10 miles of a branch of a financial institution, to the definition of an underserved area. However, an amendment was filed for the Rules markup by Representative Andy Barr, R-KY., that would strike that provision from the bill.

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IRS heeds NAFCU’s call to adjust the 2022 optional mileage rate

The IRS last Thursday increased its 2022 optional mileage rate for business miles from 57.5 cents to 62.5 cents for the remainder of the year. The new optional mileage rate is set to go into effect on July 1, 2022. NAFCU President and CEO Dan Berger in March urged the agency to adjust the mileage rate, to better reflect the strained oil market and rising gas prices as well as the impacts consumers face because of inflation and economic recovery related to the coronavirus pandemic.

NAFCU Network insights post dives into the data privacy debate 

In the latest insights post on NAFCU’s Compliance, Risk & BSA Network, and Cybersecurity & IT Network, Regulatory Affairs Counsel Dale Baker shares an overview of recently introduced legislation that aims to tackle the federal data privacy debate. Baker examines two specific draft bills: an updated bill from Senate Commerce Committee Chairwoman Maria Cantwell, D-Wash., and another from lawmakers from the House Energy and Commerce Committee, Chairman Frank Pallone, D-N.J., Ranking Member Cathy McMorris Rodgers, R-Wash., and Senate Commerce, Science, and Transportation Committee Ranking Member Roger Wicker, R-Miss., coined as a “bipartisan, three-corners” draft.