WASHINGTON—When will the Senate return to regular business and address matters affecting credit unions and other financial institutions?
CUNA said it is now unsure when the Senate will conclude the impeachment trial. As CUToday.info reported, the length of the trial is unknown, but the administration has stated it believes it could take less than two weeks and Senate Majority Leader Mitch McConnell (R-KY) had earlier indicated he expected it to make quick work of the hearings. Recent developments, however, could complicate the planned timing.
In the meantime, the House is back in session this week, and CUNA Deputy Chief Advocacy Officer Eli Joseph said the trade group will be closely watching one hearing.
“I want to flag a House hearing Thursday addressing whether cash is still king and the rise of mobile payments,” said Joseph.
The hearing will be held by the House Financial Services Committee Task Force on Financial Technology and begins at 9:30 ET.
NAFCU said this week it will monitor several committee hearings related to the Community Reinvestment Act (CRA), as well as the House meeting on mobile payments.
Hearings Schedule
Hearings of note this week:
- Wednesday, the House Financial Services Committee will hold a hearing to review the Office of the Comptroller of the Currency's plan to reform the CRA. NAFCU noted that it has actively opposed extending CRA regulations to credit unions as they do not engage in the illegal and discriminatory practices of banks
- Also Wednesday, a House Financial Services subcommittee will examine the availability of insurance for nonprofits
- Wednesday, the House Small Business Committee will hold a hearing to learn more about the Office of Field Operations and review its structure and performance
In addition, the Federal Open Market Committee starts its first meeting of 2020 today. The committee cut rates three times last year before holding the target rate range at 1.5% to 1.75% at the conclusion of its December meeting.