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Congress CFPA debate continues vote pending
WASHINGTON (10/20/09)--The dominant credit union issue on the Hill this week is the continued debate over H.R. 3126, the Consumer Financial Protection Agency (CFPA) Act, and discussion of this legislation will resume in the House later today. Rep. Barney Frank’s (D-Mass.) House Financial Services Committee is scheduled to continue amendatory action on the CFPA legislation, with votes expected on Wednesday afternoon. The committee is also expected to vote on H.R. 3763, to amend the Fair Credit Reporting Act to provide for an exclusion from Red Flag Guidelines for certain businesses, and H.R. 3639, the Expedited CARD Reform for Consumers Act of 2009, on Wednesday. A total of 37 amendments to the CFPA legislation were introduced last week, and seven of those were decided. One that was added to the bill would limit the proposed CFPA's examination and enforcement authority to credit unions over $1.5 billion in assets and banks with more than $10 billion in assets, while allowing institutions whose assets fall below those thresholds to remain under the enforcement authority of their prudential regulator.The Credit Union National Association has expressed its displeasure with this amendment, and on Friday met with Frank in an effort to find a mutually agreeable solution before the bill reaches the House floor. While CUNA is not concerned over the shifting of regulation writing authority, such as the Real Estate Settlement Procedures Act or the Home Mortgage Disclosure Act, to the CFPA, CUNA Vice President of Legislative Affairs Ryan Donovan has said that the tasks of examination and enforcement regarding credit unions must remain in the hands of the National Credit Union Administration. A manager’s amendment offered by Frank also addresses remittances, and CUNA has communicated with Frank on this issue as well, expressing concern over the potential for increased remittance costs. An amendment that would have exempted all credit unions and small banks from the terms of the CFPA was also offered by Reps. Jeb Hensarling (R-Texas) and Scott Garrett (R-N.J.), but the amendment failed on a recorded vote. The housing market will also be discussed during the week, with Department of Housing and Urban Development Secretary Shaun Donovan testifying before the Senate Banking Committee on Tuesday. The status of the first-time homebuyers tax credit will also be discussed before the House Ways and Means Committee Subcommittee on Oversight on Thursday.


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