On data security, Crapo said that he and Sen. Sherrod Brown (D-Ohio), the ranking member on the Banking Committee, have asked stakeholders for their ideas by the end of this week.

He added that a national data security standard is essential.

Sen John Tester (D-Mt.) agreed that cybersecurity and housing finance will dominate the financial services agenda in this Congress.

Tester, who was part of a group that worked on a bipartisan financial services bill with Crapo last year, said he believes the Banking Committee can do the same on housing finance reform.

"I have confidence in Sen. Crapo," he said. "I would not have said that at this time last year."

But Rep. Brad Sherman (D-Calif.) questioned the need for housing reform. He said he believes the federal housing finance program is working despite the problems of the financial crisis.

"If it's not broke, don't fix it," he said.

House members from both parties told those attending GAC that they are disturbed by the adoption of the Current Expected Credit Loss Standard.

Sherman called it "absolutely absurd," while Rep. Blaine Luetkemeyer (R-Mo.) said "we need to put a pause on this thing."

Under the CECL standard, institutions will have to recognize the expected lifetime losses at the time a loan or financial instrument is recorded.

The standard does not become effective for credit union Call Reports until the start of 2022.

Credit unions continue to argue that they should not have to comply with CECL.

As credit union officials prepared to go to Capitol Hill to lobby, CUNA/President Jim Nussle asked them to concentrate on credit union issues.

On Tuesday, Vice President Mike Pence asked those attending GAC to speak to their representatives about the plan to build a wall along the U.S. southern border—a particularly divisive political issue.

Nussle said it makes him "cringe a bit" when speakers ask those people going to Capitol Hill to lobby on unrelated issues.

"We'd like you to speak about credit unions," he said.