WASHINGTON— As Congress remains in session this week, America’s Credit Unions said it intends to monitor several hearings in the House and Senate, with special attention on work related to consumer privacy legislation.
“I think what (Congress does), or chooses not to do, will certainly gain most of our attention this week,” said ACU Chief Advocacy Officer Carrie Hunt. “One of the biggest things that we'll be engaging in is the hearing on Wednesday, relative to the privacy legislation that is winding its way through Congress. We have done our initial analysis of that legislation and certainly do have many concerns with it. Although, as I have indicated, it certainly is a more positive step and a bigger step than anything we've seen in quite some time. So, we'll make sure that our questions and concerns with that piece of legislation make its way both into the formal hearing record.”
The CFPB & Fees
Meanwhile, turning to the CFPB and its continuing focus on fees, Hunt said mortgages are the next big area of concern.
“I think they're going to take a continued look at how the whole mortgage process works, and whether all of those fees are disclosed,” she said. “I will say the disclosures and the regime relative to mortgages has been exhaustively examined through the rulemaking process…But I do think everything is potentially on the table.”
Also on Capitol Hill
Other events on Capitol Hill this week:
Tuesday
- The House Financial Services Subcommittee on Financial Institutions and Monetary Policy will review the CFPB’s financial reporting and transparency
- The Senate Banking Subcommittee on Housing, Transportation, and Community Development will review the challenges in preserving housing stock
- The House Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions will tackle how ransomware endangers the financial system
Thursday
- The Senate Banking Committee will provide oversight of federal housing regulators and hear from Department of Housing and Urban Development Acting Secretary Adrianne Todman and Federal Housing Finance Agency Director Sandra Thompson