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This Week in Washington, DC
Tuesday, November 3, 2015 6:45 AM

The House Financial Services Committee should markup pending legislation today, and amendments related to privacy notifications and the structure of the Consumer Financial Protection Bureau could be considered in the House this week.

The Senate will begin consideration of the motion to proceed to S. 1140, the bipartisan Federal Water Quality Protection Act.  The House is expected to consider legislation related to the Highway Trust Fund as well as the National Defense Authorization Act. Credit Union National Association will closely follow the amendment process for both bills. Several financial services amendments have already been filed in the Rules Committee on the Highway Trust Fund bill, and the Defense Authorization Act has been used in recent years as a vehicle for financial services policy.
On Tuesday, the House Financial Services Committee will hold a full committee markup of pending legislation, including:

  • H.R.1309, the "Systemic Risk Designation Improvement Act of 2015"
  • H.R.1478, the "Policyholder Protection Act of 2015"
  • H.R.1550, the "Financial Stability Oversight Council Improvement Act of 2015"
  • H.R.1660, the "Federal Savings Association Charter Flexibility Act of 2015"
  • H.R.2209, to require the appropriate Federal banking agencies to treat certain municipal obligations as level 2A liquid assets
  • H.R.3340, the "Financial Stability Oversight Council Reform Act"
  • H.R.3557, the "FSOC Transparency and Accountability Act"
  • H.R.3738, the "Office of Financial Research Accountability Act of 2015"
  • H.R. _____, the "Small Business Credit Availability Act" (This bill does not yet have a number because it has not been introduced in the House.)
  • H.R. 3857, to require the Board of Governors of the Federal Reserve System and the Financial Stability Oversight Council to carry out certain requirements under the Financial Stability Act of 2010 before making any new determination under section 113 of such act.

The Senate Judiciary Committee Privacy, Technology, and the Law Subcommittee will hold a hearing on "Data Brokers – Is Consumers' Information Secure."

The Senate Banking, Housing, and Urban Affairs Committee will hold a full committee markup to vote on the nomination of Adam Szubin to be Treasury undersecretary for terrorism and financial crimes.

On Wednesday, the House Financial Services Committee will hold a full committee hearing on "Semi-Annual Testimony on the Federal Reserve's Supervision and Regulation of the Financial System."

On Friday, the House Small Business Committee Subcommittee on Investigations, Oversight, and Regulations will hold a hearing entitled, "Regulatory Overload:  The Effects of Federal Regulation on Small Firms."  This hearing will be held in North Las Vegas, Nevada. Robin Simmers, president and chief executive officer of Pahranagat Valley FCU in Alamo, NV, will testify on behalf of CUNA.

Highway Trust Fund Bill

Last week, Congress enacted legislation to extend the highway trust fund until the middle of November. This legislation provides more time for Congress to enact a longer term solution. This week, the House will take up a long-term extension, and its offsets provide the potential to move some key financial services policy.
More than 80 amendments have been filed in the Rules Committee. The vast majority of those are not likely to be made in order by the Committee. Nevertheless, CUNA is following two amendments they strongly support:

  • Luetkemeyer #21: Eliminates the requirement to send annual privacy notifications if the privacy policy has not been changed.
  • Neugebauer #36: Replaces the CFPB Director with a five person bipartisan commission.
  • Hensarling: Comprehensive Regulatory Relief for Financial Institutions, including the privacy notification bill, and the bill to permit privately insured credit unions to join the Federal Home Loan Bank system.