This Week: Committee vote on Crews nomination to NCUA
The House and Senate are both in Washington, D.C., this week, with the House having a busy schedule before they are set to leave town at the end of the week for their August recess.
An updated version of the Main Street Capital Access Act (H.R. 6955), which contains a number of regulatory relief provisions for financial institutions, including some that would benefit credit unions, is expected to be considered on the House floor.
The chamber is also expected to return to its work on its version of the FY27 National Defense Authorization Act, after failing to pass a rule for the bill last month.
Additionally, Representatives will consider a continuing resolution to keep the government funded until after the November elections (current government funding expires Sept. 30) and a new budget resolution that would open the door for Republicans to pursue a third party-line reconciliation bill to provide expanded funding for the Department of War and Agriculture programs among other things (but would not make tax changes).
The Senate, which is scheduled to be in session until early August, continues to work on various nominations, but could also consider the CLARITY Act, the crypto market structure bill which was reported out of the Senate Banking Committee earlier this Spring. Discussions have been continuing behind the scenes to update the bill to get the bipartisan support it would need to advance in the Senate.
Thursday, the Senate Banking Committee will vote on the nomination of John Crews to serve on the NCUA board and conduct a hearing with testimony from CFPB Director nominee Brian Johnson.
Crews testified before the committee last month. If cleared by the Senate Banking Committee, his nomination would head to the Senate floor for a final confirmation vote. If confirmed, he would replace current board Chairman Kyle Hauptman, leaving the NCUA board with a single member.
Johnson, current Capital One executive and former CFPB deputy director, was nominated in June.
Also, this week:
- Tuesday, Arizona holds its primary, where America’s Credit Unions PAC is supporting three candidates, including Rep. Juan Ciscomani (R-AZ);
- Also on Tuesday, the House Financial Services Committee will conduct oversight hearings on the Financial Crimes Enforcement Network and the Federal Home Loan Bank system;
- Friday, comments are due on the Federal Housing Finance Agency’s proposal to rescind its regulation on Duty to Serve Underserved Markets and replace it with a new rule.