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House hearings follow July 4 break
WASHINGTON (7/6/11)--With the Senate deciding to cancel its scheduled Independence Day constituent work period and remain in Washington, both bodies of Congress will be in session this week. However, the majority of this week’s action will take place in the House, as the Senate has not added much to the schedule for the week. The biggest action for credit unions will not take place until later in the week, with the House Financial Services Committee’s financial institutions subcommittee and its oversight and investigations subcommittee coming together on Thursday to hold a joint hearing on mortgage servicing. This hearing will focus on federal regulators’ role in settlement negotiations. Mortgage servicing standards are also on the agenda for that meeting. That same financial institutions subcommittee will cover legislative approaches to bank examination practices on Friday. H.R. 1723, the “Common Sense Economic Recovery Act,” which would permit certain loans that would otherwise be treated as non-accrual loans to be designated as accrual loans; and H.R. 2056, a bill to instruct the Federal Deposit Insurance Corp. Inspector General to study the impact on insured depository institutions’ failures. The House earlier in the week will consider H.R. 1309, the Flood Insurance Reform Act, and other legislation.


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