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Congress this week CUs watch Senate for action
WASHINGTON (3/2/10)--With a relatively slower week in the U.S. Congress, credit unions can set their eyes on a midweek Senate Banking economic policy subcommittee hearing entitled, "Restoring Credit to Main Street: Proposals to Fix Small Business Borrowing and Lending Problems." While there will not be a Credit Union National Association (CUNA) witness before the subcommittee, CUNA is planning to submit an official statement for the record. Though the legislative calendar for credit unions is sparse this week, CUNA will closely watch the continued development of the Senate’s version of regulatory restructuring bill. The legislation is expected to be released late this week, and CUNA will analyze and report on the legislation as soon as it is released. CUNA Vice President of Legislative Affairs Ryan Donovan told News Now that Senate negotiators have been working hard to reach agreement on how consumer protection regulation would be affected by the pending Senate legislation. A report from The Washington Post last night quoted "sources familiar with the negotiations" and said Senate Banking Committee Chairman Christopher Dodd (D-Conn.) and Sen. Bob Corker (R.-Tenn.) are nearing agreement on drafting a proposed new consumer protection authority under the Federal Reserve. While the House last year approved an independent Consumer Financial Protection Agency as part of its regulatory restructuring package, senators have been wrestling over whether to create an independent CFPA or include a body similar to the CFPA within the U.S. Treasury or another agency. Questions remain over which powers such an agency or office would have, Donovan added. Some small business concerns may also be addressed this week when the House takes up a small business tax bill that was passed by the Senate last week.


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