WASHINGTON—A big week is ahead on Capitol Hill—both for the number of bills being addressed and for legislation that impacts credit unions.
“It’s probably going to be one of the biggest weeks for credit unions on the Hill since the GAC,” said CUNA Chief Advocacy Officer Ryan Donovan, noting that Congress will also work Thursday to pass a government funding bill to prevent a government shutdown.
As CUToday.info previously reported, the House Financial Services Committee has set mark-up of the so-called NCUA “stop and study bill” for Wednesday, Sept. 30.
That legislation (HR 2769) would require NCUA to review its second risk-based capital proposal and report back to Congress on the agency’s authority to issue a two-tier, risk-based capital rule and the impact the rule would have on credit unions and their members. The bill was introduced by Reps. Stephen Fincher (R-TN), Denny Heck (D-WA), and Bill Posey (R-FL).
“NAFCU and our members appreciate Chairman Jeb Hensarling’s (R-Texas) leadership and dedicated efforts to advance greater transparency among regulatory agencies and greater regulatory relief for community financial institutions such as credit unions,” said NAFCU VP of Legislative Affairs Brad Thaler.
The Sept. 30 mark-up will also include the H.R. 1266, which would replace the CFPB director post with a bipartisan commission; and H.R. 957, which would transfer authority to appoint a CFPB inspector general from the Federal Reserve to the president.
On Tuesday, CFPB Director Richard Cordray will deliver a semiannual report on the state of his bureau before the House Financial Services Committee. Cordray delivered a similar report to the Senate Banking Committee in July, during which he called credit unions and community banks “the most responsible lenders we have” and said their record of low default rates in particular was exemplary.
Also on Wednesday:
- The Senate Banking Committee will hold a full committee hearing on the nomination of Amias Gerety to be assistant secretary for financial institutions at the Treasury Department. NAFCU noted that last year Gerety met with NAFCU’s top advocacy representatives for a discussion of credit unions’ concerns with NCUA’s first risk-based capital proposal.
- The House Ways and Means Subcommittee on Oversight will hold a hearing on the Labor Department’s proposed fiduciary rule. The hearing is slated to begin at 10 a.m. ET.
- A House subcommittee will conduct a hearing on the Retail Investor Protection Act (H.R. 1090), which would delay the U.S. Department of Labor’s proposed fiduciary rule until the Securities and Exchange Commission makes its own rule governing investment advisers.