Half of Congress may be out for the summer (the House comes back on Sept. 4), but the Senate and federal financial institution regulators will be taking some actions next week – including the credit union regulator, which will be considering one final rule and two proposals.
Here’s a rundown of what’s ahead next week:
Monday, July 30: The Senate comes back into session to begin a week of considering a number of provisions that Senate Minority Leader Mitch McConnell has filed cloture on, including: S. 1182 (to extend the National Flood Insurance Program, NFIP); H.R. 5515 (National Defense Authorization Act – NDAA – for Fiscal Year 2019); H.R. 6147, a package (minibus) of four appropriations bills.
Monday, July 30: The Federal Reserve Board, Office of the Comptroller of the Currency (OCC), and Federal Deposit Insurance Corp. (FDIC) jointly host a “Current Expected Credit Losses (CECL) Methodology Q&A Webinar for Community Bankers.” Starting at 1 p.m. ET (and running for about 90 minutes), the webinar is focused on questions received from community bankers about the accounting standard. In a Financial Institution Letter (FIL 34-2018), the FDIC said the participants will also be able to submit additional questions to be considered during the webinar. Institution-specific questions should be directed to an institution’s primary federal regulator; FDIC-supervised institutions may submit such questions by email to CECL@fdic.gov, the agency said.
Tuesday, July 31: The Federal Reserve Board holds a closed meeting for a discussion of monetary policy issues. The meeting is set for 10 a.m. ET. (The Fed’s monetary policy-setting arm, the Federal Open Market Committee, also begins a two-day meeting beginning on this date.)
Thursday, Aug. 2: The National Credit Union Administration (NCUA) Board meets in open session at 10 a.m. to consider two proposed rules – on risk-based capital, and on clarifying existing rules for loans to members – and a final rule on suspension and debarment procedures for agency contractors. A “mid-session 2018” budget review, and continuation of the federal credit union lending interest rate ceiling, will also be under consideration. A closed board meeting is scheduled to follow, with three supervisory actions slated.