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News Now

Washington
CLF cap other CU issues on move in Congress this week
WASHINGTON (7/7/09)—Lawmakers from both sides of the Capitol return to Washington this week, after a week-long July 4th District Work Period, to tackle a substantial agenda, including issues of interest to credit unions. On the House side, for instance, the House Appropriations Committee has scheduled a vote for Tuesday on the Financial Services Appropriations Act for fiscal year 2010. This bill, approved by the subcommittee on financial services prior to the recess, includes language that would permit the Central Liquidity Facility to lend to its highest statutorily authorized level. On Wednesday, the Senate Appropriations subcommittee on financial services and general government will mark-up its appropriations bill for fiscal year 2010. Also on Wednesday, as reported earlier in News Now, the Credit Union National Association will testify before the Senate Banking subcommittee on financial institutions at its hearing entitled "The Effects of the Economic Crisis on Community Banks and Credit Unions in Rural Areas." Frank Michael, CEO of Allied CU in Stockton, Calif., will testify on behalf of CUNA. Also of interest this week, the House Judiciary subcommittee on commercial and administrative law has scheduled a hearing entitled, "Home Foreclosures: Will Voluntary Mortgage Modifications Help Families Save Their Homes?" The same day, the House Financial Services Committee intends to hold one in its long series of regulatory reform hearing, this one called, "Regulatory Restructuring: Balancing the Independence of the Federal Reserve in Monetary Policy with Systemic Risk Regulation."


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