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News Now

Washington
Hearings highlight this week in Congress
WASHINGTON (9/21/10)--As the U.S. House continues to near its recently announced Oct. 1 election-year recess target date, the Small Business Lending Fund Act remains one of many items on its docket. That bill was passed 61 to 38 by the U.S. Senate last week. While legislation that would lift the current credit union member business lending (MBL) cap to 27.5% of total assets was not added to the bill, the Credit Union National Association remains hopeful that MBL cap legislation could still come to the House floor as stand-alone legislation or as an amendment to a future bill. The House is expected to pass the small business legislation. Another priority for some members of the House this week will be a Friday Financial Services Committee hearing on "Executive Compensation Oversight after the Dodd-Frank Wall Street Reform and Consumer Protection Act." The Senate also will hold several hearings this week, including today's banking committee hearing on job and economic growth. Gov. Ed Rendell (D-Pa.), as well as U.S. Treasury officials Roy Kienitz and Alan Krueger, are among those scheduled to testify. A number of luminaries will also attend Wednesday's National Flood Insurance Plan (NFIP) hearing. Sens. Richard Durbin (D-Ill.) and Roger Wicker (R-Miss.) will testify alongside the Government Accountability Office's Orice Williams Brown. The NFIP is authorized through the end of this month, and legislation that would reauthorize the program until Sept. 30, 2015, add a Flood Insurance Advocate, and raise the maximum coverage limit passed the House in July. Other hearings that of interest to credit unions include a Thursday Senate Banking Committee hearing on the "Federal Housing Administration: Current Condition and Future Challenges" and a Wednesday Senate subcommittee hearing on S.3742, the "Data Security and Breach Notification Act of 2010." Data security has long been a hot topic on the Hill, and several data security bills worked their way through the House and Senate in 2005, 2006 and 2007, although lawmakers never completed debate on the issue. The data security debate was renewed last year, and while a pair of bills aimed at addressing data breach disclosure and personal data security passed out of Senate committee markups, the bills never saw full votes in neither the House nor the Senate.


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