NACUBO On Your Side: October 3–10, 2023

As things move quickly in Washington, DC, NACUBO is your constant advocate in action. NACUBO On Your Side covers important legislative and agency activity NACUBO staff are tracking, what we’re currently advocating for, and how you can take action with us. 

 

Here are the issues we are tracking and advocating for this week. 

On the Hill

McCarthy Voted Out as House Speaker

On October 5, the U.S. House of Representatives voted to remove Rep. Kevin McCarthy (R-CA) from his position as speaker. With Rep. Patrick McHenry (R-NC) appointed as speaker pro tempore, the next step is to find enough consensus around the next speaker. The speaker plays a pivotal role in setting agendas, mediating House factions, and bringing legislation to the floor, including aid to Israel and the FY24 appropriations, which fund the Department of Education and other federal agencies. 


Agency Action

2024–25 FAFSA Prototype Now Available

On September 29, the Department of Education shared that 2024–2025 Free Application for Federal Student Aid (FAFSA) prototype is now available to assist campuses as they continue to implement changes in the FAFSA Simplification Act. The prototype “offers the financial aid community an advance opportunity to gain a deeper understanding of the FAFSA user experience ahead of its release,” ED notes.

 

FSA Announcement Changes Compliance Supplement Requirement

Regulations require an institution to ensure that a student’s consent to open a financial account is obtained before an access device such a bank card is needed for a student to access their account. A Federal Student Aid (FSA) electronic announcement, GENERAL-23-83, alters Compliance Supplement guidance for auditing student consent when a third party delivers credit balances to a card or other access device because there is no current requirement for a servicer or financial institution to provide such information.

 

Federal Student Aid Training Conference Registration Now Open

Registration for the Department of Education’s FSA Training Conference—its major annual event—is now open. The event will be held online November 28—December 1, and there is no registration fee.

Accounting

FASB NAC Recap Addresses Leases, Credit Losses, and Current Projects

The Financial Accounting Standards Board’s summary of the September meeting of its Not-for-Profit (NFP) Advisory Committee (NAC) indicated that financial statement preparers are satisfied with enhanced usability of reported lease information and improved internal awareness of lease agreements. The group meeting also noted that NFPs are waiting for guidance from the American Institute of Certified Public Accounts (AICPA) on the application of credit loss disclosures to programmatic loans, and FASB staff provided updates on projects concerning software costs and environmental credits.

Advocacy

Student Aid Alliance Calls for Support in 2025 Budget Request

The Student Aid Alliance, a coalition of higher education associations that includes NACUBO, wrote to ED to request enhanced support for federal student aid in President Joe Biden’s budget request for FY25. The budget request outlines the administration’s requests for federal spending, while Congress is responsible for delivering actual amounts.

 

Higher Education Community Raises Concerns with Proposed Accessibility of Web Information Rules

In a higher education community letter led by the American Council on Education (ACE), NACUBO and 23 other higher education associations wrote to the Department of Justice (DOJ) regarding a Notice of Proposed Rulemaking regarding the accessibility of online information for public colleges and universities. The letter outlines the community’s broad support for this effort to increase accessibility but requests that the DOJ provide additional time for compliance, outlining specific areas where institutions may face undue challenges.

 

Higher Education Community Requests Support for Student Mental Health

Citing the alarming mental health challenges facing college and university students and federal investments supporting K-12 student mental health efforts, a higher education community letter called on agencies across the federal government to find ways within their authority to provide resources to support students at colleges and universities. NACUBO and 19 other associations were part of the ACE-led letter.

Take Action

Advocacy Tool Enables Outreach on Proposed Overtime Rules

A tool shared by the Partnership to Protect Workplace Opportunity, a coalition of employers in almost every sector of the national economy, makes it simple to contact legislators and regulators regarding the Department of Labor’s recent proposal to expand the Fair Labor Standards Act’s salary-level threshold for overtime pay. The tool contains model language and can connect you with your elected representatives.

Previous Edition 

NACUBO On Your Side: September 26–October 2, 2023