Legislative Update with Jay Kruse
by Jay Kruse
Chief Advocacy Officer
7/22/2020

Good Morning!

 

Both the House and Senate have reconvened this week with a lot to consider before the upcoming August recess. Congress will continue to focus its attention on the next round of recovery legislation to further respond to COVID-19, in addition to working through the FY21 National Defense Authorization Act (NDAA). The NDAA is the legislation that funds the Department of Defense. The House will consider H.R. 6395, the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021, while the Senate considers their version, S. 4049, the National Defense Authorization Act for Fiscal Year 2021.

 

The House will also vote on H.R. 7608, the State, Foreign Operations, Agriculture, Rural Development, Interior, Environment, Military Construction, and Veterans Affairs Appropriations Act for Fiscal Year 2021, the first large omnibus appropriations for Fiscal Year 2021. As a reminder, appropriations bills are spending bills that authorize the expenditure of government funds for specific purposes. Dakotas’ Senators Mike Rounds (R-SD) and Kevin Cramer (R-ND), along with the other members of the Senate Banking Committee, will also hold a nomination hearing for Mr. Kyle Hauptman, of Maine, to be a Member of the National Credit Union Administration Board.

 

Recovery Legislation.

 

Credit union recovery priorities continue to come into focus as Congress considers extending many of the original CARES Act provisions with looming deadlines. We are urging Congress for the extension of a few important credit union specific provisions including troubled debt restructuring (TDR) accommodations, expanded Central Liquidity Facility (CLF) authorities, and expanded share insurance coverage. It is still unclear as to which provisions will actually be included or extended in this next wave of recovery legislation, but our major priorities also include, Community Development Financial Institution Fund and Community Development Revolving Loan Fund appropriations, PPP forgiveness, liability protections, E-SIGN modernizations, and additional state and local funding.

 

Expect this to be a big bill, north of $1 trillion. It will start taking shape this week with the expectation that Congress will pass and send the next wave of recovery legislation to President Trump’s desk prior to the August recess. It is also important to note that this might be the last recovery bill enacted before the election, which is why it is very important credit unions stay engaged during this process.  

 

Virtual Regulatory Hike the Hill Registration Open!

 

Our usual “in-person” Hike the Hill event is going virtual this fall. Like most things in 2020, our annual event was forced to adapt. While we typically host a joint legislative/regulatory event each fall in Washington D.C., this year things will be a little different. Our regulator meetings will occur virtually, which will allow for more participation. Registration is now open!

 

We have scheduled meetings with:

  • CFPB – September 15th at 1:00 p.m. CT.  
  • NCUA Board Member, Todd Harper – September 18th at 9:00 a.m. CT.

Register for one or both meetings here. The meeting link and agenda will be provided prior to the meeting.

 

*Please note, we still hope to host in-person Legislative Hike the Hill meetings with our Dakotas’ congressional delegation here in-state if possible. We are working with the schedulers to finalize the details. Keep an eye on the Memo for more details in the coming weeks!

 

Have a great week, stay well, and don’t hesitate to contact me with any questions.

 

 

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