WASHINGTON–The House and Senate are back in session this week, and although there is no legislation of direct consequence to credit unions on the agenda, one CU executive will be testifying before Congress.
Faith Anderson, SVP and general counsel with American Airlines FCU in Dallas, is among the witnesses scheduled for a hearing on Wednesday titled “Examining the BSA/AML Regulatory Compliance Regime. Anderson is testifying on behalf of CUNA.
NAFCU noted that this week it will closely monitor hearings covering housing finance reform as well as the BSA/AM hearing. Today, NAFCU and CUNA staff will attend a Small Business Administration advocacy roundtable on upcoming rulemakings.
The SBA roundtable on upcoming rulemaking will include a discussion on section 1071 of the Dodd-Frank Act, which would require financial institutions to collect and report certain information, such as whether the business is a small business and women- or minority-owned, and give this information to the CFPB. The roundtable will also discuss the current review of the CFPB's mortgage servicing and qualified mortgage/ability-to-repay rules.
NAFCU Regulatory Affairs Counsels Ann Kossachev and Andrew Morris will attend today's meeting.
Also on the agenda is a House Small Business Subcommittee hearing on Economic Growth, Tax, and Capital Access hearing on Thursday titled "A Review of SBA’s 504/CDC Loan Program."
Regarding housing, the Senate Banking Committee on Thursday will hear from representatives of the Mortgage Bankers Association, Financial Services Roundtable and Center for Responsible Lending on principles of housing finance reform. Last week, NAFCU released its housing finance reform principles to all members of Congress and key members of the administration.
In other Capitol Hill activities this week:
- Today, the House Defense Subcommittee on Appropriations will mark-up fiscal 2018 defense appropriation bills.
- The House Financial Services Subcommittee on Capital Market, Securities, and Investment on Tuesday will review the U.S. equity market in part one of a series of hearings. The panel will cover the evolution of today's equity market structure.
- On Wednesday, the House Financial Services Subcommittee on Monetary Policy and Trade will look at the Federal Reserve's impact on Main Street, retirees and savings.