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This Week in Washington
Tuesday, November 17, 2015 6:50 AM

The House has returned to session and is expected to consider bills under suspension of the rules. Later this week, the House is expected to consider the "Tribal Labor Sovereignty Act of 2015" (H.R. 511); the "Portfolio Lending and Mortgage Access Act" (H.R. 1210); the "Reforming CFPB Indirect Auto Financing Guidance Act" (H.R. 1737); and the "Federal Reserve Oversight Reform and Modernization Act" (H.R. 3189).

Credit Union National Association is carefully following activity surrounding the House-Senate Conference Committee on the Highway Trust Fund Bill. This legislation includes two key removing barriers provisions:  one would modernize privacy notification requirements and the other would permit privately insured credit unions to join the Federal Home Loan Bank System. The current funding authorization for the Highway Trust Fund expires on Friday; if the conference committee is unable to reach an agreement before then, it is likely that both chambers will approve another short-term extension.

Today, the House Financial Services Committee Monetary Policy and Trade Subcommittee will hold a hearing on "Dodd-Frank Five Years Later: What Have We Learned from Conflict Minerals Reporting?"

Also today, the House Energy and Commerce committee Subcommittee on Communications and Technology will hold an oversight hearing on the Federal Communications Commission. All five FCC Commissioners are expected to testify. CUNA will submit a letter for the record of this hearing.

On Thursday, the House Financial Services Committee Oversight and Investigations Subcommittee will hold a hearing on "Oversight of the Financial Stability Oversight Council: Due Process and Transparency in Non-Bank SIFI Designations."

H.R. 1210 – the Portfolio Lending and Mortgage Access Act

CUNA strongly supports H.R. 1210, which would treat mortgages held in portfolio at credit unions and other mortgage lenders as qualified mortgages (QM) for purposes of the Consumer Protection Financial Bureau's mortgage lending rules. CUNA has testified in support of this legislation several times because of its potential to provide credit unions significant regulatory relief. Nearly three quarters of mortgage-originating credit unions retain their mortgages on portfolio, and the mortgages these credit unions originate represent approximately 60 percent of all credit union first mortgage originations.