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News Now

Washington
HouseSenate hearings lead before April recess
WASHINGTON (3/27/12)--House and Senate hearings will likely be the highest profile items for credit unions as the U.S. Congress spends it last week in Washington before the two-week April district work period.

Tuesday House Financial Services Committee markups of the FHA Emergency Fiscal Solvency Act of 2012, the RESPA Home Warranty Clarification Act of 2011 (H.R. 2446), the Jurisdiction Certainty Act (H.R. 3283), and the Swap Data Repository and Clearinghouse Indemnification Correction Act of 2012 (H.R. 4325) will lead the week.

The House Financial Services capital markets subcommittee will also be active this week, with a hearing on accounting and auditing oversight scheduled for Wednesday. The House Appropriations financial institutions subcommittee has also scheduled a Wednesday hearing on the U.S. Treasury Department's budget, with Treasury Secretary Tom Geithner scheduled to testify.

Discussion of mobile payments, which took place last week, will continue this week, with a Thursday Senate Banking Committee hearing entitled "Developing the Framework for Safe and Efficient Mobile Payments" on the schedule. Federal Reserve Consumer and Community Affairs Director Sandra Braunstein and Assistant Housing and Urban Development Secretary/Federal Housing Commissioner Brian Montgomery are scheduled to testify during the hearing. A  hearing on the Small Business Administration's budget has also been set for Thursday.

The House also this week is scheduled to consider the Republican budget resolution for fiscal 2013 and other budget proposals, as well as the Senate-passed Jumpstart Our Business Startups (JOBS) Act (H.R. 3606) and the Federal Communications Commission Process Reform Act of 2012 (H.R. 3309).

The Repeal Big Oil Subsidies Act (S. 2204) and the Postal Reform Bill (S. 1789) may be considered by the Senate this week.

A full Senate vote on credit union member business lending legislation will likely have to wait until after the upcoming recess. (See March 26 story: Senate MBL vote likely soon)


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