WASHINGTON–Both credit union trade associations will be joining numerous other constituencies in watching the first appearance before Congress of the CFPB’s new director, Rohit Chopra.
Chopra’s appearance is one of several hearings CUNA also said it will have an eye on this week. As CUToday.info reported here, among the first actions announced by Chopra and the CFPB has been a series of orders to collect information on the business practices from some of the largest technology companies in the country, including Amazon, Apple, Facebook, Google, PayPal, and Square.
Both the House and Senate are in session this week. The House will be considering several bills not specifically related to credit unions, while the Senate will be considering judicial nominations. The House may also consider of the trillion-dollar reconciliation bills currently being debated.
Ryan Donovan, chief advocacy officer and EVP with CUNA, said other hearings the trade group will be eyeing include:
Today
- Senate Banking Committee: Nomination hearings for appointments to Export/Import Bank, HUD
- Republican members of the House Ways & Means Committee to hold a hearing on the “Devastating Consequences of Biden’s IRS Surveillance on Americans’ Bank Accounts
- House Financial Services Committee: Taking Stock of China, Inc.: Examining Risks to Investors and the U.S. Posed by Foreign Issuers in the U.S. Markets
Wednesday
- House Financial Services Committee: Bringing Consumer Protection Back: A Semi-Annual Review of the CFPB
Thursday
- Senate Banking Committee: New Era for Consumer Protection: The CFPB’s Semi-Annual Report to Congress
Ahead of Chopra’s testimony, Donovan said CUNA would be sending a letter calling on the CFPB to be consistent and transparent in its rulemaking and enforcement policies, and to encourage the CFPB to consult with NCUA during the rulemaking process to avoid duplicative policies, and to provide credit unions with “certainty by adopting clear rules for the road.”