The Senate is set to head out for August recess this week after passing the Democratic budget reconciliation package in a 51-50 vote yesterday, with Vice President Kamala Harris casting the tie-breaking vote. With the Senate action, the House is scheduled to return to session from its August recess to vote on the package by the end of the week. While the Senate package did include funds for increased IRS enforcement, it did not include a NAFCU-opposed provision that would have required new account information reporting by financial institutions.
NAFCU Senior Vice President of Government Affairs Greg Mesack Friday wrote to the Senate Banking, Housing, and Urban Affairs Committee to share the Association’s opposition and concerns regarding S.4698, the Improving Cybersecurity of Credit Unions Act, which would grant the NCUA additional authority to examine credit union service organizations (CUSOs) and other third-party vendors.
The Bureau of Labor Statistics issued the July Jobs Report on Friday, which revealed that the unemployment rate dropped to 3.5 percent in July, a fifty-year low. NAFCU Chief Economist and Vice President of Research Curt Long analyzed the report in a new NAFCU Macro Data Flash report.
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Advocate for your members on Capitol Hill. Have an impact on avertingtop political risks to your CU. Attend NAFCU’s Congressional Caucus this September!
On Friday, NAFCU Senior Regulatory Affairs Counsel Aminah Moore submitted comments to the Financial Crimes Enforcement Network’s (FinCEN) advance notice of proposed rulemaking (ANPR) soliciting comments on the implementation of a no-action letter (NAL) process , which would be “a letter indicating [FinCEN’s] intention not to take or recommend enforcement action against the submitting party for the specific conduct presented in the submitting party’s request.”
