WASHINGTON–The House and Senate are in session this week, although it’s a short session as the Democrats will be holding their Winter retreat later in the week.
A big issue in front of Congress this week will conjure up some déjà vu: agreeing on a continuing resolution to fund the federal government.
There are several bills CUNA said it will be watching this week, along with several hearings.
Ryan Donovan, chief advocacy officer for CUNA, said one focus will be on HR 1153, the Mortgage Choice Act of 2017.
“This is legislation that CUNA strongly supports,” said Donovan. “It deals with treatment of points and fees, and specifically fees associated with title insurance from a provider associated with the financial institution. Under current law, those fees are included in the calculation of points and fees for purposes of the Qualified Mortgage rule. But they’re not included if the provider is not affiliated. This legislation would clarify that those fees don’t cap toward the 3% cap on fees under QM rule.”
Meanwhile, there are several hearings scheduled today of interest to credit unions, including:
- The Senate Banking Committee will hold a hearing at 10 a.m. ET on Virtual Currencies: The Oversight Role of the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission
- The Senate Committee on the Judiciary will hold a hearing at 10 a.m. on Beneficial Ownership: Fighting Illicit International Financial Networks Through Transparency
- The House Financial Services Committee will hold a hearing at 10 a.m. ET on The Annual Report of the Financial Stability Oversight Council at which Treasury Secretary Steven Mnuchin will testify