This week in Washington, credit unions have several issues to follow. The House of Representatives will consider H.R. 1595, the SAFE Banking Act of 2019. This bill will be considered under “suspension of the rules” … meaning that the bill is not able to be amended and must garner a two-thirds vote for passage.
The Senate is expected to vote on H.R. 4378, the House-passed continuing resolution to fund the federal government through Nov. 21. This bill includes a provision to extend the National Flood Insurance program through Nov. 21. Also, there is a provision that ensures the operation of the SBA’s 7(a) loan program … loans that many credit unions make.
In Committee this week, the Senate Banking, Housing and Urban Affairs Committee will hold a hearing: “Facilitating Faster Payments in the U.S; ” the House Committee on Financial Services Subcommittee on Consumer Protection and Financial Institutions will hold a hearing: “Promoting Financial Stability: Assessing Threats to the U.S. Financial System;” and the House Committee on Financial Services Subcommittee on Housing, Community Development, and Insurance will hold a hearing: “Protecting Seniors: A Review of the FHA’s Home Equity Conversion Mortgage (HECM) Program.”