WASHINGTON–There are a number of hearings of interest to credit unions on Capitol Hill this week, but none will be getting more attention than the testimony from the director of the CFPB, who is set to appear before the House and Senate.
Today, CFPB Director Rohit Chopra will appear before the Senate Banking Committee as part of his semi-annual report to Congress. The Democrat-controlled Senate is friendlier to the CFPB, but Republican members of the committee are likely to grill Chopra and signal what lies ahead in the House.
On Wednesday, the GOP-controlled House Financial Services Committee will hold its hearing where numerous members who are strongly opposed to the Bureau are expected to question the CFPB’s rulemakings, positions and even the Constitutionality of its funding.
CUNA’s Jason Stverak, deputy chief advocacy officer for federal affairs, said the association has also informed the Hill of its position that many of the CFPB’s rules and policies are “misguided.”
Other Issues Being Watched
Brad Thaler, VP-legislative affairs with NAFCU, said he expects work in the House on the National Defense Authorization Act to begin in “earnest” after being delayed by debate around the federal debt ceiling issue.”
In addition, Thaler said NAFCU will be paying attention to a rare Senate Banking Committee markup this week or next that will address legislation that would tackle executive comp issues coming from the Silicon Valley Bank failure and failure of other big banks in which leaders collected bonuses even as the banks were failing.
Additional Hearings
Other hearings that have the eye of credit unions this week all take place today, including:
- House Financial Services Committee: The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem
- House Financial Services Committee: The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System
- Senate Committee on Banking, Housing & Urban Affairs: State of Native-American Housing
- House Small Business Committee: Assisting Entrepreneurs: Examining Private and Public Resources Helping Small Businesses.
“We will be following that because, obviously, credit unions can do a lot to help small businesses and entrepreneurs, especially through their member business loan programs,” said NAFCU’s Thaler. “There are obstacles that are sometimes in place, and recent actions by the SBA in terms of opening up and changing their 7(a) loan programs that could have a negative impact on credit unions. So, we'll be watching that hearing for any developments.”
Make Sure You’re Receiving CUToday.info’s Free Daily Newsletter Headlines
Are you missing out on the latest news in credit unions? Missing the trends and developments you need to be aware of? We can help. Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more.
And it’s free!
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com