WASHINGTON—As 5,000 credit union leaders gather in Washington for CUNA’s Governmental Affairs Conference, it’s a busy week for hearings in both chambers of Congress.
On Congress’ agenda are:
- The House Financial Services Committee meets Wednesday to discuss reauthorization of the program, which is set to expire May 31. Ahead of the hearing, Committee Chairwoman Maxine Waters (D-CA) released a discussion draft of bipartisan legislation that would propose some reforms aimed at making flood insurance more affordable and provide reauthorization for five years.
- Three hearings – two in the House and one in the Senate – will discuss efforts to detect and deter financial crime. A House Appropriations subcommittee today will specifically look at the Treasury Department's role in combatting financial crimes, and the Senate Small Business Committee on Wednesday will examine cyber crime's threat to small businesses.
A House Financial Services subcommittee on Wednesday will focus on legislative solutions to detect and deter financial crime. Waters released a discussion draft to make changes to anti-money laundering (AML) safeguards and Committee Member Carolyn Maloney (D-NY), has a draft bill to require corporations to disclose more information about their owners.
NAFCU Witness to Testify
A NAFCU witness has previously testified on the need for Bank Secrecy Act (BSA)/AML reforms, and the association said it is supportive of proposed legislation that would provide some relief to credit unions by raising certain thresholds, including for currency transaction (CTR) and suspicious activity reports (SAR).
The Senate Banking Committee today will hear from CFPB Director Kathy Kraninger as she delivers the Bureau's semiannual report to Congress. As Kraninger testified before the House Financial Services Committee last week and discussed a number of credit union issues, including reforms to the Bureau, its consumer complaint database and the Military Lending Act (MLA).
As CUToday.info reported, last week NAFCU and CUNA met with Kraninger to discuss issues facing credit unions.
Other Hearings
Other hearings this week:
- The House Financial Services Committee will hold a hearing today focused on Wells Fargo's pattern of consumer abuses and ways to hold big banks accountable.
- A House Appropriations subcommittee today will discuss ways to protect college students and taxpayers from predatory practices.
- The House Small Business Committee on Wednesday will discuss technology's impact on entrepreneurship in rural areas.
- A House Financial Services subcommittee on Thursday will review the SEC's best interest rule.
- The Senate Banking Committee on Thursday will discuss the Financial Stability Oversight Council's nonbank designations.