WASHINGTON—The House Financial Services Committee today will hold a hearing focusing on the Financial Stability Oversight Council, which will feature testimony from FSOC members including NCUA Chairman Debbie Matz and CFPB Director Richard Cordray.
Both CUNA and NAFCU said they will be following the testimony.
The hearing, set for 10 a.m. ET, will focus on FSOC’s agenda, operations and structure.
In advance of the hearing, NAFCU Monday sent a letter to the House Financial Services Committee sharing the trade association’s top concerns on key issues that may fall under the purview of tomorrow’s hearing—including opposing giving NCUA third-party vendor examination authority. For the full letter in CUToday.info’s The Gov, click here.
Also this week: the deadline for Congress to pass a funding bill and avoid a government shutdown is midnight Dec. 11. The House is currently negotiating an omnibus bill including government funding, but policy riders dealing with environmental and other issues have slowed the bill’s progress. If the bill is delayed further, lawmakers may miss the Dec. 11 deadline, triggering a shutdown. Last Thursday, the Senate approved a budget bill that the president is expected to veto due to its measures defunding Planned Parenthood and repealing the Affordable Care Act.
“As part of this legislation, it is possible that additional regulatory relief provisions could be enacted into law,” said CUNA Chief Advocacy Officer Ryan Donovan.
“We are playing close attention to provisions in Senator Richard Shelby’s (R-AL) regulatory relief bill as well as those that are in senator Sherrod Brown’s (D-OH) alternative,” said Donovan. “At this point we still don’t know what the composition of any sort of deal might be, and it would be premature to speculate. We are keeping our ears to the ground.”