WASHINGTON–Both the House and Senate are back in session this week with most of the credit union attention on S 2155, the credit union-backed Economic Growth, Regulatory Relief and Consumer Protection Act, which also has the backing of community banks. Debate on the bill is expected to begin today.
Credit unions are also watching several hearings on this week’s agenda.
“(S 2155) has become a central part of our campaign for common sense regulation,” said CUNA’s Chief Advocacy Officer Ryan Donovan in a call with the media. “We knew coming into this Congress that we would have to bring Congress together in a bipartisan way around a bipartisan common-sense vehicle. And that’s what S 2155 is all about, Main Street not Wall Street.”
The bill includes several lending-related provisions that would reduce the regulatory burden on credit unions, but Donovan said another component of the bill also has bipartisan support.
“Importantly, we also support this bill because it includes critical elder abuse protections,” said Donovan. “It says if you’re a credit union employee and you suspect that one of your members is the subject of elder abuse, you can say something and you have a safe harbor if you’re wrong.”
While the legislation has support from both Republicans and Democrats, Donovan said after two years of work to get the bill passed CUNA recognizes “it’s not across the finish line by any stretch of the imagination.” CUNA has been running print, radio and online ads calling for support of the bill.
Donovan noted that while credit unions are hopeful of a vote on the bill this week, work to construct the manager’s amendment remains, and additional provisions could be introduced at any time.
“We are continuing to work on this with the understanding that what comes out of the Senate needs to remain balanced and targeted to community financial institutions,” he said.
Also of interest to CUs in Washington this week:
- Credit unions are watching progress on HR4607, the Comprehensive Regulatory Review Act, which requires federal financial regulators to complete a comprehensive review process every seven years related to regulatory burden, and to take into account the risk profile of those subject to the rules. Fortunately, said Donovan, NCUA already conducts such a self-evaluation every three years.
- HR 2226, the Portfolio Lending and Mortgage Access Act, which provides safe harbor for mortgages in portfolio from the QM rule.
- The House will be holding several hearings related to the fiscal 2019 budgets for the Department of Labor and Department of Treasury.
- In addition, the House Financial Services Committee will be conducting a 2019 budget review and estimates. “It will be interesting to see what the committee might say about the CFPB,” said Donovan.
- The Senate will hold a hearing on senior scams.
- On Wednesday, the House Financial Services Subcommittee on Financial Institutions and Consumer Credit will hold a hearing to discuss data security. NAFCU noted that Rep. Blaine Luetkemeyer (R-MO), chair of the subcommittee, recently released NAFCU-sought draft legislation that would create a strong national data security standard for retailers and other entities.
- Today, the Senate Finance Committee will hold a hearing to discuss ways to protect e-commerce consumers from counterfeits.