This week: House back in D.C., deregulation comments due

Both chambers are in session with week, with the House returning after a week in-district. 

Comments are due today on four proposals issued by the NCUA under its Deregulation Project:

• Removing redundant and outdated nondiscrimination requirements;
• Rescinding the service to underserved areas interpretive ruling and policy statement;
• Rescinding community chartering policies interpretive ruling and policy statement; and 
• Rescinding the federal corporate credit union chartering interpretive ruling and policy statement. 

The House Financial Services Committee conducts a hearing Tuesday on updating America’s financial privacy framework for the 21st century, starting at 10 a.m. Eastern. It will feature a discussion of draft legislation to update the Gramm-Leach-Bliley Act’s Title V, which deals with financial regulations to ensure financial institutions protect consumer privacy. 

"Ensuring an appropriate, effective data privacy environment is a priority for America's Credit Unions, and we appreciate Chairman Hill and the House Financial Services Committee focusing on this issue at Tuesday's hearing. We are actively discussing with our credit union members many of the data privacy issues presented in the various provisions of this discussion draft, including gaps in the Gramm-Leach-Bliley Act," said Scott Simpson, America's Credit Unions president/CEO. 

"Credit unions have several recommendations to ensure bad actors are held accountable, consumers' sensitive information is protected, and financial institutions are not overly burdened by a patchwork of laws. We are pleased to see a provision related to preemption of state laws, as we've long advocated for a comprehensive national data privacy framework to address this issue, and calls for regulators, including the NCUA, to consider the regulatory impacts of the GLBA's requirements. We will continue to analyze the committee's draft legislation to provide constructive feedback in alignment with our principles ahead of the hearing. We look forward to working with lawmakers and our credit union members to advance legislation that strengthens our nation's data privacy protections without adding significant regulatory burden."

In Tuesday’s primary elections in Illinois, America’s Credit Unions and the Illinois Credit Union League are supporting 14 candidates.  See the complete list of elections and results as they happen on America’s Credit Unions Elections Hub.  

The NCUA has a closed board meeting scheduled for Tuesday, but it is not yet confirmed whether a March open board meeting will occur.