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News Now

Washington
CFPB hearings in House Senate this week
WASHINGTON (11/1/11)—The U.S. House and Senate are back in House in Washington this week after a week-long in-state work period, and credit unions will want to keep an eye on upcoming hearings.

One such hearing will take place when the Joint Select Committee on Deficit Reduction discusses previous debt reduction proposals today. Former Sens. Alan Simpson (R-Wyo.) and  Pete Dominici (R-N.M.), former White House Chief of Staff Erskine Bowles, and former Federal Reserve Vice Chairman Alice Rivlin, are scheduled to testify during that hearing.

The first 100 days of the Consumer Financial Protection Bureau's (CFPB) work will be the topic of a Wednesday House Financial Services financial institutions subcommittee hearing. De facto CFPB leader Raj Date is the sole scheduled witness for that hearing.

The CFPB will also be in the spotlight on Thursday morning when CFPB Office of Servicemember Affairs leader Holly Petraeus appears before a Senate Banking Committee hearing on "Empowering and Protecting Servicemembers, Veterans, and their Families in the Consumer Financial Marketplace." Bonnie Spain of the Rushmore Consumer Credit Resource Center and retired Admiral Charles Abbott, president/CEO of Navy-Marine Corps Relief, are also scheduled to testify, and more witnesses could be added.

A House Financial Services subcommittee on capital markets hearing on the Private Mortgage Market Investment Act is scheduled for Thursday morning. That legislation, which was introduced by Rep. Scott Garrett (R-N.J.), would require the Federal Housing Finance Agency to develop underwriting standards and securitization agreements and abolish the risk retention standards set forth by the Dodd-Frank Act. The legislation would also provide new disclosures for mortgage investors and securities purchasers. (See related story in resource links.)


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