WASHINGTON—Credit unions are watching and/or participating in a number of events in Washington this week, although several may become virtual events due to concerns around coronavirus.
On the agenda:
Tuesday
- The House Financial Services committee will hold a hearing on abuses by Wells Fargo and related oversight.
- The Senate Banking Committee will hold a hearing at which CFPB Director Kathy Kraninger will deliver the Bureau’s semi-annual report to Congress.
- The CFPB will hold an event on consumer debt relief at which NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt is scheduled to be in attendance.
Wednesday
- The Financial Accounting Standards Board (FASB) is set to meet to discuss the current expected credit loss (CECL) standard. According to its agenda, the board has received two technical inquiries related to CECL implementation that it will discuss, and it will also give an update on the CECL workshops it has hosted throughout the past year.
- The CFPB’s advisory councils, including the Credit Union Advisory Council, will also meet Wednesday and Thursday. These meetings could become virtual events, according to CUNA. On Wednesday, the (CUAC) will tackle small business lending data collection, the student lending market, and credit access in rural communities.
- A House Financial Services Committee subcommittee will hold a second hearing on abuses at Wells Fargo.
Thursday
- On Thursday, the CFPB councils will meet collectively and hear from Bureau Director Kathy Kraninger and a Bureau taskforce. Topics on the agenda include elder fraud prevention, consumer-authorized access to financial account data, and CFPB’s recently updated time-barred debt proposal.