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What's Up This Week in the Legislatures?
Tuesday, March 17, 2015 6:30 AM

Both the U.S. House and the Senate are back in session this week, joining 45 state legislatures also in session. Here is what you need to know about credit unions and legislatures this week:

Wednesday

  • The House Energy and Commerce Committee Commerce, Manufacturing, and Trade Subcommittee will hold a hearing on the "Data Security and Breach Notification Act of 2015."
  • The House Financial Services Committee will hold a full committee hearing on "Preserving Consumer Choice and Financial Independence." Patrick Miller, President and CEO of CBC FCU in Oxnard, California will testify on behalf of CUNA.
  • The Senate Judiciary Committee will hold a full committee hearing on "The Impact of Abusive Patent Litigation Practices on the American Economy."
  • The House Oversight and Government Reform Committee Information Technology Subcommittee will hold a hearing on "Cybersecurity: The Evolving Nature of Cyber Threats Facing the Private Sector."

Thursday

  • The House (Select) Intelligence Committee will hold a full committee hearing on "The Growing Cyber Threat and its Impact on American Business."
  • The Senate Homeland Security and Governmental Affairs Committee will hold a full committee hearing on "Examining Federal Rulemaking Challenges and Areas of Improvement within the Existing Regulatory Process."
  • The Senate Banking, Housing and Urban Affairs Committee will hold a full committee hearing on "Examining the Regulatory Regime for Regional Banks."
  • The Senate Small Business and Entrepreneurship Committee will hold a full committee hearing on "Patent Reform: Protecting Innovation and Entrepreneurship."

In the States
On Tuesday, March 10, the Nebraska Credit Union League testified in opposition to Nebraska L193, which would prohibit the collection of interchange fees on nonfederal taxes. The league doesn't anticipate the bill advancing further as similar measures were rejected in 2009 and 2014.

Arkansas legislation that closely resembles the Nebraska bill, House 1775, was introduced this week and a hearing is scheduled for Tuesday, March 17. The Cornerstone Credit Union League is actively opposing the legislation and will testify in opposition at the hearing. A similar bill was rejected in 2013.

Since 2006, bills prohibiting the levying of interchange fees on state, local and district taxes have failed in 15 states. These proposals were rejected due to the harm to consumers, loss of sales tax revenue, legal deficiencies and operational hurdles.