This week on the Hill: NAFCU testimony, House vote on TRID
NAFCU staff will be monitoring several hearings and events on Capitol Hill this week, including a vote in the House to create a safe harbor on TRID compliance, elections to choose a new speaker of the House and a hearing at which a NAFCU witness will testify on the EMV transition.
On Wednesday, Jan Roche, president and CEO of State Department Federal Credit Union in Alexandria, Va., will testify on behalf of NAFCU before the House Small Business Committee on the recent EMV liability shift and how credit unions are preparing for the upgraded chip cards and new payments structure. She will also discuss how the new technology needs to be adopted by all parties within the payments system to best prevent cyber and data attacks.
NAFCU has consistently urged for the establishment of a strong national data security standard for retailers that holds them responsible if they fail to protect consumer data.
Also on Wednesday, the House is scheduled to vote on H.R. 3192, the “Homebuyers Assistance Act,” a NAFCU-backed bill that would establish a hold-harmless period under TRID to last to Feb. 1, 2016.
Last week, House Speaker John Boehner announced the leadership election for a candidate for his replacement as speaker will take place on Thursday. Republican lawmakers will hold closed-door elections to choose a new leadership slate, which would be voted on by the full House at a later date. House Majority Leader Kevin McCarthy, R-Calif., is expected to win the speaker position.continue reading »