WASHINGTON (3/5/13)--A number of topics of key interest to credit unions are set to be discussed by U.S. House and Senate committees this month. Sessions are expected to include a confirmation hearing for Consumer Financial Protection Bureau Director Richard Cordray--perhaps next week--a series of looks at financial regulatory burdens, and a cyber security hearing.
In early 2012, President Barack Obama appointed CFPB Director Cordray to lead that agency and that recess appointment has been the subject of controversy every since. However, Cordray was recently nominated to continue in his role for a five-year term. Cordray has said his Senate Banking Committee confirmation hearing will be held in the next few weeks. Some outlets have hinted this hearing could be held as early as March 11.
Credit unions also will want to watch for a March 20 House Financial Services financial institutions and consumer credit subcommittee hearing on the growing burden of federal regulations on small financial institutions across the country.
This week, the House Judiciary regulatory reform subcommittee will start off with a Tuesday hearing on H.R. 367, the "REINS (Regulations from the Executive in Need of Scrutiny) Act: Promoting Jobs, Growth and American Competitiveness."
Other hearings this week that could include regulatory burden discussions include:
- A Tuesday House Oversight Committee hearing entitled "Reducing Waste and Mismanagement: Implementing Agency Watchdogs' Recommendations Could Save Taxpayers Billions";
- A Tuesday House Appropriations financial services and general government subcommittee hearing on U.S. Treasury oversight; and
- A Wednesday House Appropriations financial services and general government subcommittee hearing on Small Business Administration Oversight.
Bank Secrecy Act compliance and enforcement will be the topic at a Thursday Senate Banking Committee hearing. Treasury under Secretary for Terrorism and Financial Intelligence David Cohen, Comptroller of the Currency Thomas Curry and Federal Reserve Governor Jerome Powell are scheduled to testify during that hearing.
The Senate Commerce, Science and Transportation Committee and Senate Homeland Security and Governmental Affairs Committee have also scheduled a Thursday hearing. Those two committees will discuss the cyber security partnership between the private sector and the U.S. government, and how that partnership can help protect national and economic security.
Fiscal policy will be examined today by the House Financial Services monetary policy subcommittee.
The House Financial Services capital markets subcommittee will continue that committee's examination of Fannie Mae and Freddie Mac, and additional hearings on the government's role in the mortgage market are scheduled for later in the month. (See Feb. 28 News Now
story: Fed Policy, Housing System, Reg Burden On House Financial Services March Agenda.)