WASHINGTON—NAFCU and CUNA this week will monitor several hearings of interest to CUs taking place on both sides of Capitol Hill.
A primary focus will be a hearing on the effects of the Telephone Consumer Protection Act (TCPA) on consumers and businesses, and a hearing on the CFPB’s recently released arbitration proposal.
The Senate Commerce, Science and Transportation Committee will review the TCPA on Wednesday. Last October, NAFCU entered a suit challenging the Federal Communications Commission’s order on TCPA prohibitions on autodialed calls to account holders.
NAFCU has stated that it is concerned that the order could lead credit unions to cease important communications with members about their accounts over fear of inadvertently violating the rule. The case now awaits a court date for oral arguments, NAFCU said.
CUNA Chief Advocacy Officer Ryan Donovan said the trade association is pleased the TCPA hearing is taking place, noting that it is a meeting CUNA has requested of Congress.
“We will be submitting a statement for the record,” Donovan said.
Also Wednesday, the House Financial Services Subcommittee on Financial Institutions and Consumer Credit is examining the CFPB’s proposed rulemaking on arbitration. The CFPB’s proposal, released earlier this month, would prohibit the use of arbitration agreements to limit consumer access to class-action litigation. NAFCU said it is continuing to study the proposal for its impact on credit unions.
Donovan reminded that CUNA has expressed concerns about the CFPB’s arbitration rulemaking. “We expressed concern about it when it was released earlier this month and we will also be submitting a statement for the record.”
In other hearings this week:
- The House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises is holding a hearing Tuesday reviewing legislative proposals to enhance capital formation, transparency and regulatory accountability.
- The Senate Banking Committee on Thursday will meet to discuss improving communities’ and businesses’ access to capital and economic development.
- Also on Thursday, the House Small Business Committee will hear from small business owners on how small businesses can provide opportunities for all people, including those with disabilities.