Also: Moore flags concerns with BOI form answer options; NAFCU-supported CDFI bill introduced

March 20, 2023

This week: NAFCU eyes FOMC rate hike; Lawmakers focused on budget ([link removed] )

Both the House and Senate are in session, with more hearings scheduled to review President Joe Biden’s 2024 budget proposal. Lawmakers are also expected to hold hearings in the coming weeks on recent bank failures and the state of the U.S. financial system in the aftermath – House Financial Services Chairman Patrick McHenry, R-N.C., announced Friday the first committee hearing in the issue will be held March 29. McHenry and Ranking Member Maxine Waters, D-Calif., also sent a letter to the Government Accountability Office (GAO) calling on the office to begin a study and an investigation into the Silicon Valley Bank and Signature Bank collapses. NAFCU, as well as the NCUA, has continued to reiterate that these were not systemic issues and that the credit union industry remains strong.

NAFCU writes to FinCEN on BOI reports ([link removed] )

NAFCU Regulatory Affairs Counsel Aminah Moore wrote to the Financial Crimes Enforcement Network (FinCEN) Friday in response to the agency’s request for comment on the report that will be used to collect beneficial ownership information (BOI). Moore urged the agency to ensure reporting companies are effectively answering questions required by the Corporate Transparency Act (CTA) and the beneficial ownership reporting requirements final rule.

NAFCU-backed CDFI bill introduced in Senate ([link removed] )

A group of bipartisan lawmakers led by Senate Housing, Transportation, and Community Development Subcommittee Chair Tina Smith, D-Minn., and Ranking Member Mike Rounds, R-S.D., last week introduced the CDFI Bond Guarantee Program Improvement Act. This NAFCU-supported legislation would spur economic development in underserved, economically distressed areas. It would also strengthen community development financial institutions (CDFIs), including credit unions’, ability to serve these communities.

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