WASHINGTON—It will be another busy week in Congress for bills of particular interest to credit unions, as the numerous hearings that were held last week now move into the bill mark-up stage.
The House and the Senate, too, will both be considering various budget resolutions, which can serve to sidetrack and delay other initiatives.
Getting particular scrutiny from the credit union trade groups are numerous bills aimed at providing regulatory relief, particularly in the Senate Financial Committee, which has sent early signals that relief for community financial institutions is a particular interest, according to CUNA’s Ryan Donovan.
Two credit union representatives, Patrick Miller, CEO of the $406-million CBC Federal Credit Union, Oxnard, Calif., and Petty Bosma-LaMascus, CEO of the $500-million Patriot FCU in Chambersburg, Penn., both testified before the House Financial Services Committee, which is now formulating legislation this week. A hearing was also held in the House Energy and Commerce committee on data breaches and breach notification, which is also now marking up a bill. Donovan said CUNA has expressed concern that some of the data security standards being considered include vague language that needs to be clarified.
On the agenda this week:
Tuesday, March 24
10 a.m.: Senate Banking, Housing and Urban Affairs Committee/Examining Regulatory Regime for Regional Banks
2 p.m.: Capital Markets and Government-Sponsored Enterprises Subcommittee of House Financial Services Committee/ The Federal Deposit Insurance Corporation’s Role in Operation Choke Point Tuesday 2 pm.
2:30: Securities, Insurance and Investment Subcommittee of Senate Banking, Housing and Urban Affairs Committee/Capital Formation and Reducing Small Business Burden.
5:00 p.m." House Energy & Commerce Subcommittee Data Security Mark-Up. Courts, Intellectual Property and the Internet Subcommittee of House Judiciary Committee/Patent Reform: Protecting American Innovators and Job Creators From Abusive Patent Litigation
Wednesday, March 25
10 a.m.: House Financial Services Committee/Community Financial Institutions Mark-Up Wednesday, 10 a.m.
2.00 p.m.: Senate Banking, Housing and Urban Affairs Committee/Financial Stability Oversight Counsel (FSOC) Accountability: Nonbank Designation
Donovan, CUNA’s chief advocacy officer, said he does not envision the various pieces of legislation being packaged into a larger omnibus bill, and instead expects each to move on their own. He called most of the bills “low-hanging fruit,” as many have been considered and favorably voted upon in previous Congresses.