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News Now

Washington
Abusive card tactics reg reform hearings this week
WASHINGTON (3/24/09)--The Credit Union National Association (CUNA) will be following several hearings on both sides of the Capitol this week, with topics ranging from abusive credit card practices to regulatory reform. CUNA President/CEO Dan Mica also is scheduled to testify at a Senate Banking Committee today. (See related story: Mica to represent CUs at Senate Banking hearing today.) Hearings this week include:
* Tuesday’s Senate Judiciary Committee Subcommittee on Administrative Oversight and the Courts’ hearing on “Abusive Credit Card Practices and Bankruptcy”; * The Senate Small Business Committee’s Wednesday hearing on the Small Business Administration's budget for fiscal year 2010; * The House Financial Services Committee’s Wednesday hearing on “Exploring the Balance between Credit Availability and Prudent Lending Standards”; * The House Financial Services Committee’s Thursday hearing on “Addressing the Need for Comprehensive Regulatory Reform,” where Treasury Secretary Timothy Geithner is scheduled to testify; and * A hearing Friday for the House Financial Services Committee Subcommittee on Housing and Community Opportunity on the housing crisis in Los Angeles and preventing foreclosure and foreclosure rescue fraud. The hearing will be in Los Angeles.
A House Financial Services Committee hearing, “Seeking Solution: Finding Credit for Small and Mid-Sized Businesses in Massachusetts,” was held Monday in Boston. CUNA also is analyzing legislation--the Payday Loan Reform Act (H.R. 1214)--which focuses on payday loan fees and the “cycle of debt.” House Subcommittee on Financial Institutions Chairman Luis Gutierrez (D-Ill.) announced that a hearing on the matter is scheduled for April 2.
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