Legislative Update with Jay Kruse
by Jay Kruse
Chief Advocacy Officer
5/14/2019

Good Morning!

 

I hope everyone had a great time at the Summit in Fargo! Unfortunately, I was unable to attend due to a poorly timed Achilles injury I sustained while trying to relive my “glory days” on the basketball court. Let’s just say, Father Time is catching up with me! I am disappointed I wasn’t able to attend the conference and spend time with all my credit union friends. I also want to send out a HUGE “Thank You” to the entire CUAD team for taking care of my duties and responsibilities in my absence. I feel very fortunate to be a part of such a great and supportive team, and I hear the annual event was a great success.

 

This week in Congress

 

Both the Senate and House are in session this week, scheduled to discuss some issues very important to credit unions in the Dakotas. Most notably, the House will consider H.R. 2578, the National Flood Insurance Program Extension Act of 2019. This legislation would extend the authority of the flood insurance program from May 31 to September 30. Credit unions have a vested interest in the stability of the National Flood Insurance Program (NFIP), and credit unions support and deserve a long-term solution from Congress that would enhance its affordability and sustainability.

 

Many credit union members across the Dakotas live in communities designated as Special Flood Hazard Areas, which are subject to mandatory flood insurance requirements. Credit unions and their members rely on the coverage offered under the program to help protect them from the risks of a natural disasters. Due to the continued lapses in the NFIP’s reauthorization and repeated short-term fixes, the NFIP has been caused uncertainty and instability in the housing sector. We will continue to urge Congress to provide some added stability to the market, but fund a longer-term solution to the NFIP.

 

Absent any such long-term solution, credit unions support H.R. 2578, the National Flood Insurance Program Extension Act of 2019, to extend the NFIP’s authority and prevent its lapse on May 31, 2019.

 

Senate Oversight of Financial Regulators

 

NCUA Chairman Rodney Hood is expected to testify before the Senate Banking Committee Wednesday at 8:30 a.m. (CT) as part of a panel of federal financial regulators.

 

The Committee on Banking, Housing, and Urban Affairs will meet in open session to conduct a hearing on “Oversight of Financial Regulators.” The witnesses will be: The Honorable Joseph M. Otting, Comptroller of the Currency, Office of the Comptroller of the Currency; The Honorable Randal K. Quarles, Vice Chair for Supervision, Board of Governors of the Federal Reserve System; The Honorable Jelena McWilliams, Chairman, Federal Deposit Insurance Corporation; and The Honorable Rodney E. Hood, Chairman, National Credit Union Administration.

 

The panel of witnesses will receive a wide range of questions from the members of the committee. CUAD has submitted an NCUA issues briefing to Senators Rounds (R-SD) and Cramer (R-ND) in preparation for the hearing on Wednesday. If you would like to tune in, there will be a live webcast of the hearing that can be found here.

 

If you have questions, concerns, or feedback regarding these or any other advocacy issues, please do not hesitate to contact me. Have a great week!

 

 

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