WASHINGTON—Congress is back in the session this week, with both the House and the Senate holding hearings on interest of credit unions. Getting most of the attention from the mass media will be debate over funding the Department of Homeland Security, which is being held up in a dispute over President Obama’s immigration reform order. For credit unions, interest will primarily be upon a Tuesday hearing by the Senate Finance Committee on tax reform, growth and efficiency, as the CU trade groups continue to watch for any signs that the tax-exemption may be threatened.
On Wednesday, Fed Chair Janet Yellen will present the Fed’s semiannual report to Congress.
Also on the agenda this week in Washington will be hearing related to oversight of the Federal Housing Administration.
CUNA’s Ryan Donovan said that credit unions will also be paying attention to a hearing before the House Energy and Commerce Committee on Patent Demand Letter Practices and Solutions. A key issue here is so-called patent trolls that have threatened a number of credit unions. Maine’s credit unions, however, are reporting a victory in one such case.
“There is a pretty robust agenda, and more is on the way,” said Donovan.