WASHINGTON–With the House and Senate back in session this week, the attention of the credit union trade groups is on the leadership dispute at the CFPB and on the tax reform legislation as it works its way through the upper chamber.
But credit unions are also paying attention to a number of hearings this week related to nominations, among them for Jerome Powell to become the new Federal Reserve chairman. That hearing will take place today.
Also on tap this week:
- The Senate Judiciary Committee will be hosting a hearing on a Senate bill addressing anti-money laundering laws
- On Wednesday, a House Energy and Commerce Committee subcommittee will host a hearing titled, “Algorithms: How Companies’ Decisions About Data and Content Impact Consumers”
- Also on Wednesday, a House Appropriations Committee subcommittee will hold a hearing on supplemental oversight of the GSA and SBA
- Appropriations committee subcommittee hearing Wednesday on supplemental oversight of the GSA and SBA
- On Thursday, the same House Committee on Energy and Commerce subcommittee will host a hearing titled “Identity Verification in a Post-Breach World”
In addition, credit unions are watching progress on HR 1699, the Preserving Access to manufactured Housing Act of 2017, which amends the Truth in Lending Act (TILA) to specify that a retailer of manufactured housing is generally not a "mortgage originator" subject to requirements under that Act. Similarly, the bill amends the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 to specify that such a retailer is generally not a "loan originator" subject to requirements under that Act.
Looming in the background of all of that is the need for Congress to pass either a short-term or longer-term resolution to fund the federal government.
On Tuesday, Dec. 5, the Senate Banking Committee is also expected to market-up the Economic Growth, Regulatory Relief and Consumer Protection Act, which has bipartisan support and includes a number of provisions supported by credit unions.