WASHINGTON—As both chambers of Congress return to Washington for the lame duck session and committee hearings, America’s Credit Unions is focused on actions from the CFPB.
ACU Chief Advocacy Officer Carrie Hunt said ACU will continue to monitor what the CFPB may do as the final days of 2024 wind down.
“It is of concern to us what the CFPB may do here in the waning days of the Biden Administration,” said Hunt. “We are still opposed to many of the proposals the CFPB has issued in the past year. As the CFPB moves to finalize some of these we will continue to look at litigation, or to Congress to use the Congressional Review Act, to change some of those rules. Should President-Elect Trump move to remove the head of the CFPB, we would be seeking the reversal of some of those rules through the rule-making process.”
The trade association will also be monitoring legislation that could affect credit card interchange, Hunt added.
“We will be expressing our continued concern on any changes to interchange,” said Hunt. “Even though this issue has been going on all year, it is still—first and foremost—one that credit unions do care about and will have a huge impact on us. We will continue to work to keep this legislation out of any vehicle that is moving here at the end of the year.”
Meetings and hearings this week:
- The Senate Judiciary Committee will conduct a hearing on interchange titled: “Breaking the Visa-Mastercard Duopoly: Bringing Competition and Lower Fees to the Credit Card System,” Tuesday at 10 a.m. ET
- Federal regulators, including NCUA Chairman Todd Harper, are scheduled to testify at a House Financial Services Committee hearing Wednesday at 10 a.m. ET
- The Senate Banking Committee is conducting a hearing, “Tax Policy in 2025: Implications for the American Economy,” Wednesday at 2 p.m. ET
America’s Credit Unions will host free virtual town hall sessions on Tuesday for midsize credit unions and Wednesday for large credit unions starting at 1 p.m. ET.