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News Now

Washington
CFPB Vote, Hearing Set Ahead Of Memorial Day Break
WASHINGTON (5/21/13)--A Consumer Financial Protection Bureau confirmation vote and hearings on tax reform, qualified mortgages, the Dodd-Frank Act and other economic issues are expected in the U.S. Congress this week.

The Senate vote on Richard Cordray's nomination for the position of CFPB director could happen Thursday, Ryan Donovan, CUNA's senior vice president of legislative affairs, said. Cordray's nomination did not receive a Senate vote in 2011, and President Barack Obama appointed Cordray to the CFPB director position during a brief congressional recess in 2012.

Many Senate Republicans have consistently said they would block any CFPB nominee if certain structural changes were not made to the agency makeup.

Cordray's term as director would end this year if he is not confirmed.

Hearings on tap today include:

  • A House Financial Services financial institutions and consumer credit subcommittee hearing entitled: "Qualified Mortgages: Examining the Impact of the Ability to Repay Rule";
  • A House Financial Services monetary policy and trade subcommittee hearing focusing on the Securities and Exchange Commission rules for public companies to disclose their use of minerals that originated in the Democratic Republic of Congo; and
  • The Senate Banking, Housing and Urban Affairs Committee hearing on the Financial Stability Oversight Council's (FSOC) annual report to Congress.
The yearly FSOC report will be discussed before the House Financial Services Committee on Wednesday. Other Wednesday hearings include:

  • A Joint Economic Committee hearing on Federal Reserve Chairman Ben Bernanke's views of the current economic outlook;
  • A House Financial Services oversight and investigations subcommittee hearing entitled: "Who Is Too Big to Fail: Are Large Financial Institutions Immune from Federal Prosecution?"; and
  • A Senate Budget Committee hearing entitled "Supporting Broad-Based Economic Growth and Fiscal Responsibility through Tax Reform."
The House Financial Services capital markets and government sponsored enterprises subcommittee on Thursday will discuss a range of regulatory relief measures for investors and job creators.

Members of Congress are scheduled to leave Washington at the end of the week for the Memorial Day district work period. They are set to return on June 3.


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