WASHINGTON–It’s “going to be some week” in Washington, according to CUNA.
There are a number of hearings being held that relate to credit unions and financial institutions, but they will be largely overshadowed by congressional hearings and their aftermath on Court nominee Neil Gorsuch, testimony by FBI Director James Comey and a vote to repeal the Affordable Care Act, acknowledged Ryan Donovan, CUNA’s chief advocacy officer.
Among the hearings being watched by the credit union trade groups:
- Today, the House Financial Services Oversight and Investigations Subcommittee will hold a hearing to examine whether the structure of the Bureau of Consumer Financial Protection violates the Constitution. The hearing, at 10 a.m. EST, will also focus on “structural changes to the Bureau to resolve any constitutional infirmities,” according to subcommittee chairman Rep. Ann Wagner (R-MO). CUNA has submitted a letter to the subcommittee reiterating its position that the management structure of the CFPB should change to a five-person board, and also repeating its call for greater regulatory relief.
- At 2 p.m. EST today, the House Financial Services’ Subcommittee on Financial Institutions and Consumer Credit will hold a hearing titled “The De Novo Drought: Examining the Application Process for De Novo Financial Institutions,” at which Keith Stone, president and CEO of The Finest Federal Credit Union in New York City, will testify.
- Also today, NAFCU said its Cybersecurity and Payments Committee will meet to discuss proposed updates to the National Institute of Standards and Technology cybersecurity framework, recent developments related to fintech companies and the recent meeting of the Federal Reserve Secure Payments Task Force, of which NAFCU is a member. The committee will also review the recent testimony of Chevron Federal Credit Union President and CEO Jim Mooney on behalf of NAFCU before a House Small Business Committee panel. Mooney's testimony focused on credit unions' commitment to cybersecurity and the importance of establishing a national data security standard for retailers to protect consumers from data breaches, NAFCU said.
- On Wednesday, the House Financial Services Committee will hold a hearing titled “Examining Results and Accountability at the World Bank.”
- On Wednesday at 10 a.m. EST, the House Committee on Homeland Security will host a hearing, “A Borderless Battle: Defending Against Cyber Threats.”
- Also on Wednesday, the Senate Committee on Commerce, Science and Transportation will hold a hearing on the “promises and perils of emerging technologies for cybersecurity.”
- On Thursday the House Judiciary Committee will hold a hearing on the Financial Institution Bankruptcy Act of 2017.