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News Now

Washington
Congress CFPA off front burner CRA up for debate
WASHINGTON (9/15/09)--WASHINGTON (9/15/09)--President Barack Obama in a speech delivered Monday called for "strong rules of the road to guard against the kind of systemic risks" that precipitated the ongoing financial crisis. Meanwhile, while members of the House and Senate continue to debate how best to reach the goal of enhanced financial oversight, there is little in the way of official debate on those matters scheduled for this week. However, the House Financial Services Committee on Wednesday will hold a hearing on proposals the committee says would enhance the Community Reinvestment Act. Although a full witness list was not released at press time, representatives of the Credit Union National Association (CUNA) have been told that representatives from the American Bankers Association, the National Community Reinvestment Coalition, and the Massachusetts Commissioner of Banks could testify before the Committee. Representative Eddie Bernice Johnson (D-Texas), who sponsored H.R. 1479, the Community Reinvestment Modernization Act, may also testify during the hearing. The status of the proposed Consumer Financial Protection Agency is another item that is likely to be on the mind of legislators, but CUNA believes that that legislation may not be considered until early next month. CUNA representatives have said with certainty that the legislation will not be marked up this week, but additional hearings on the CFPA may be held later on this month. Also, H.R. 3221, the Student Aid and Fiscal Responsibility Act of 2009, which would terminate the Federal Family Education Loan Program (FFELP), is currently being discussed in the House. CUNA has lobbied against the bill.


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