WASHINGTON–With the Senate scheduled to hold a hearing on credit reporting this week, one credit union association said the issue is one CUs keep an eye on, but it hasn’t really risen to the top of concerns.
“We do hear form members periodically. Most of those issues have tended to be on error resolution and compliance issues,” said Carrie Hunt, EVP and general counsel with NAFCU. “We also have been very supportive of there being alternative ways beyond the major one, to using different methods to evaluate credit worthiness, and not just FICO. It is certainly something we are aware that Congress has been taking a look at overall, and we are engaged. But as we look at the laundry list of issues credit unions are watching, it’s not at the top.”
Congressional Hearings
With the House meeting this week virtually while the Senate is in session, here are some of the hearings CUNA said it will be watching this week:
Today
- Senate Committee on Finance: Hearing on Pending Nominations of three people to positions with Treasury
- Senate Committee on Banking, Housing & Urban Affairs: The Semi-Annual Testimony on the Federal Reserve’s Supervision and Regulation of the Financial System
Wednesday
- Senate Committee on Banking, Housing & Urban Affairs: Annual Oversight of Wall Street Firms
- Senate Committee on Appropriations: Review of the Fiscal Year 2022 U.S. Agency for International Development Budget Request
- House Committee on Financial Services: Consumer Credit Reporting: Assessing Accuracy and Compliance
Thursday
- Senate Committee on Banking, Housing & Urban Affairs: Housing for Native Americans: Review of Federal Programs, Barriers & Opportunities
- House Committee on Financial Services: Holding Megabanks Accountable: An Update on Banking Practices, Programs & Policies