WASHINGTON—With the House and Senate both back in session this week, the credit union trade groups are paying attention to several scheduled hearings that will address, among other things, how the CFPB is funded and the status of the credit union tax exemption.
Among the bills under consideration and which both CUNA and NAFCU said they are monitoring is H.R. 1486, the "Taking Account of Bureaucrats' Spending Act, which is sponsored by Rep. Andy Barr (R-KY), which would place the Consumer Financial Protection Bureau under the appropriations process for funding.
“CUNA has held that the most appropriate scheme would be the appropriations process, which would give Congress more oversight over the Bureau,” said CUNA’s chief advocacy officer, Ryan Donovan.
The House Financial Services Committee is also expected to consider an unnamed bill that was introduced by Rep. Lynn Westmoreland (R-GA) that would repeal Title II of the Dodd-Frank Act, which allows large, complex financial institutions to be liquidated by the government if they are close to failing.
A House Ways and Means Committee’s Subcommittee on Tax Reform Proposals will be holding a hearing on measure on Wednesday. Among those participating will be Rep. Devin Nunes (R-CA), who has sponsored a bill that protects the credit union tax exemption.
Also on the agenda this week in Congress:
- A hearing marking the fourth anniversary of the Jumpstart our Business Startups (JOBS) Act is slated Thursday by the House Financial Services Committee. Possible improvements to the act will also be covered, according to NAFCU.
- Federal Reserve and Treasury officials will testify before the Senate Banking Committee Thursday on trends and changes in the fixed-income markets. Federal Reserve Board Gov. Jerome Powel and Treasury’s Antonio Weiss are the scheduled witnesses.