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This Week in Congress
Tuesday, January 27, 2015 6:15 AM

This week, the House of Representatives will consider several bills under suspension of the rules, as well as H.R.399, the "Secure Our Borders First Act of 2015," and H.R.351, the "LNG (liquefied natural gas) Permitting Certainty and Transparency Act."

The Senate is expected to continue its consideration of S. 1, the "Keystone XL Pipeline Act."  

Committee Meetings

Tuesday

  • The House Energy and Commerce Subcommittee Commerce, Manufacturing, and Trade will hold a hearing on "What are the Elements of Sound Data Breach Legislation?"
  • The House Science, Space, and Technology Subcommittee, Research and Technology, will hold a hearing on "The Expanding Cyber Threat."  
  • The Senate Banking, Housing, and Urban Affairs Committee will hold a full committee meeting to organize for the 114th Congress.
  • The House Financial Services Committee will hold a full committee hearing on "Sustainable Housing Finance: An Update from the Director of the Federal Housing Finance Agency." Mel Watt, director of the Federal Housing Finance Agency, is expected to testify.

Wednesday

  • The Senate Small Business and Entrepreneurship Committee will hold a full committee meeting to organize for the 114th Congress.
  • The Senate Homeland Security and Governmental Affairs Committee will hold a full committee hearing on "Protecting America from Cyber Attacks: The Importance of Information Sharing." 

House Financial Services Committee Oversight Plan
Last Wednesday, the full U.S. House Financial Services Committee approved its oversight plan for the 114th Congress by voice vote. The plan included a number of regulatory relief topics which CUNA and your League will be monitoring this Congress, including:

  • Examination of the implementation of the Dodd-Frank Act, including an assessment of the Financial Stability Oversight Council and Office of Financial Research, effects of the Volcker Rule and of "too big to fail;"
  • Examination of the activities of CFPB, including its funding mechanism and governance structure;
  • Examination of financial regulators' safety and soundness supervision of credit unions and banking industries, to ensure systemic risks and other weaknesses are identified and addressed;
  • Monitoring mortgage rulemakings from the CFPB and other agencies;
  • Monitoring the solvency of the National Credit Union Share Insurance Fund, as well as the Federal Deposit Insurance Corp.'s Deposit Insurance Fund;
  • Examination of ways to expand access to mainstream financial services among underserved segments of the population;
  • Conducting oversight of the U.S. Department of Justice's Operation Choke Point;
  • Monitoring of payment card industry practices;
  • Monitoring the operations of the U.S. Treasury's Community Development Financial Institutions Fund; and
  • Examination of proposals to modify or terminate Fannie Mae and Freddie Mac's statutory charters, harmonize their business operations and wind down any legacy business commitments.

CUNA is continuing to meet with House Financial Services Committee staff and members to encourage hearings and legislation on ways to remove barriers that prevent credit unions from fully serving their members.

Data Security Hearing in House Energy and Commerce
Today, the House Energy and Commerce Subcommittee Commerce, Manufacturing and Trade will hold a hearing to discuss the elements of data security legislation.

The principles which CUNA and coalition members support in data security legislation include:

  1. Strong national data protection and consumer notification standards with effective enforcement provisions must be part of any comprehensive data security regime, applicable to any party with access to important consumer financial information.
  2. Recognition of the robust data protection and notifications standards which banks and credit unions are already subject to under the Gramm-Leach-Bliley Act (GLBA).
  3. Preemption of inconsistent state laws and regulations in favor of strong federal data protection and notification standards.
  4. The ability for banks and credit unions to inform customers and members about information regarding a breach, including where it occurred.
  5. Shared responsibility for all those involved in the payments system for protecting consumer data. The costs of a data breach should ultimately be borne by the entity that incurs the breach.

CUNA continues to work with members on both sides of the Capitol to craft a bill that meets the objectives of these principles. Today's hearing should shed light on how far members of the Subcommittee are willing to go on this issue.

Chairman and Ranking Members Finalized
Following is the complete list of chairmen and ranking members of the Senate Banking and House Financial Services Committee for the 114th Congress.  

Senate Banking Committee

 

Chairman

Ranking Member

Full Committee

Richard Shelby (R-AL)

Mark Kirk (R-IL)

Economic Policy

Dean Heller (R-NV)

Elizabeth Warren (D-MA)

Financial Institutions

Pat Toomey (R-PA)

Jeff Merkley (D-OR)

Securities, Insurance and Investment

Mike Crapo (R-ID)

Mark Warner (D-VA)

Housing, Transportation, and Community Development

Tim Scott (R-SC)

Robert Menendez (D-NJ)

National Security and International Trade and Finance

Mark Kirk (R-IL)

Heidi Heitkamp (D-ND)

 

 

House Financial Services Committee

 

Chairman

Ranking Member

Full Committee

Jeb Hensarling (R-TX)

Maxine Waters (D-CA)

Financial Institutions and Consumer Credit

Randy Neugebauer (R-TX)

Wm. Lacy Clay (D-MO)

Capital Markets and GSEs

Scott Garrett (R-NJ)

Carolyn Maloney (D-NY)

Housing and Insurance

Blaine Luetkemeyer (R-MO)

Emanuel Cleaver (D-MO)

Monetary Policy and Trade

Bill Huizenga (R-MI)

Gwen Moore (D-WI)

Oversight and Investigation

Sean Duffy (R-WI)

Al Green (D-TX)