WASHINGTON–With separate calls by some for congressional hearings on NCUA and on the credit reporting industry, one credit union advocate in Washington doesn’t believe either will occur.
As CUToday.info reported here, the Independent Community Bankers of America, the American Bankers Association and the National Community Reinvestment Coalition have sent a joint letter calling on Congress to schedule an oversight hearing for the National Credit Union Administration.
The groups said the hearing is needed in light of several recent NCUA rulemakings the groups said “would undermine important statutory guardrails designed to protect low-income consumers.”
‘Lot on Its Plate’
But NAFCU’s VP-legislative affairs, Brad Thaler, said Congress already has a “lot on its plate” and NCUA is already heard from by legislators.
“The functional regulators appear regularly before the House Financial Services Committee and the Senate Banking Committee, where they answer questions,” said Thaler. “We had a confirmation hearing (for NCUA Chairman Todd Harper) a while back. It’s not like NCUA is not appearing before Congress. Congress has performed its oversight on NCUA. There’s not a particular need to do hearings.”
Nevertheless, pressure from the banking industry on Congress to hold such hearings is one reason NAFCU has launched its Stop Big Bank Bullies campaign (see related story).
“The bankers are trying to bully credit unions and want to eliminate competition. We are going to push back,” said Thaler.
Credit Reporting Hearings
As for hearings on the credit reporting industry, Thaler said NAFCU recognizes the “valuable service” the industry provides and further believes there are “steps that can be taken” to improve the industry.
“Without seeing specific proposals I don’t want to comment specifically,” said Thaler. “There could be some reform, but it needs to be done in the right way and recognize the value provided.”
As CUToday.info reported here, a group of Democratic senators have also asked the Consumer Financial Protection Bureau to take “concrete steps” to reform the credit reporting industry.
Specifically, the senators are urging CFPB Director Rohit Chopra to use the CFPB’s existing supervisory, rulemaking, and enforcement authority over the largest nationwide consumer reporting agencies, in order to improve the accuracy of credit reports, streamline the dispute resolution process, and hold consumer reporting agencies accountable for addressing persistent errors.