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News Now

Washington
CU issues up in Congress committees this week
WASHINGTON (4/20/10)—Senate debate on S. 3217, the Restoring American Financial Stability Act, could officially begin later this week if that bill has the 60 votes needed to move forward for full consideration. If Senate debate begins on the bill intended to revise many rules that apply to financial institutions and the financial industry, it could continue into next week. The Credit Union National Association has expressed some concern over portions of the legislation that address remittances and that limit the National Credit Union Administration’s examination authority to credit unions with under $10 billion in assets. Sen. John Tester (D-Mont.) last week told the Helena Independent Record that there would “be an opportunity to change the bill,” adding that “community banks and credit unions didn’t create this financial meltdown we’ve experienced” and should not “be made to jump through the hoops that the mortgage bankers, the investment bankers and Wall Street folks have to.” On the House side, legislative action will likely be concentrated in the committees, with the House Financial Services Committee on Tuesday holding a hearing on the "Public Policy Issues Raised by the Report of the Lehman Brothers' Bankruptcy Examiner." U.S. Treasury Secretary Tim Geithner, Federal Reserve Chairman Ben Bernanke, and Securities and Exchange Commission Chair Mary Schapiro will testify during that hearing. House hearings on corporate governance, national flood insurance program reforms, private student loan bankruptcies, and the federal government's Troubled Asset Relief Program (TARP) will also take place during a busy week. Senate committees will also hold hearings on the U.S. Small Business Administration’s 2011 budget, the debt settlement industry, and the role of credit ratings agencies in the financial crisis.


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