WASHINGTON–It’s expected to be a relatively light week on Capitol Hill with the House in recess but the Senate in session, but there is close attention being paid to the CFPB and another potentially pending proposal.
The biggest issue that had been in front of Congress has been resolved, at least for the short term, with the passage of continuing resolutions to keep the federal government funded through March.
The only hearing getting any attention from credit unions this week will be in the Senate Banking, Housing and Urban Affairs Committee, which on Thursday will get an update on the National Flood Insurance Program.
America’s Credit Unions’ Jason Stverak said the association will be sending a comment letter.
The Big Issue
The biggest issue drawing attention this week in Washington is a pending proposal from the CFPB related to credit cards and fees. Rumors are the Bureau’s proposal could come as early as this week, according to Greg Mesack of America’s Credit Unions.
If true, the plan would follow by just a week another Bureau proposal around overdraft fees that has drawn particularly strong feedback from credit unions, with ACU calling it a “war on America’s families.”
In addition, in a special CUToday.info report here, credit unions were warned that the OD plan’s effects won’t be limited to just the largest credit unions.