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CUNA to testify this week on CFPB issues
WASHINGTON (4/5/11)--State Employees CU of Maryland President/CEO Rod Staatz will testify on behalf of the Credit Union National Association (CUNA) during a Wednesday subcommittee hearing on legislative proposals to improve the structure of the Consumer Financial Protection Bureau (CFPB). The House Financial Services Financial Institutions & Consumer Credit Subcommittee hearing is scheduled to begin at 10 A.M. ET. Staatz, who serves on CUNA’s Board of Directors, has previously represented credit unions and CUNA during a 2009 House Financial Services Committee hearing on overdraft protection. Subcommittee Chairman Shelley Moore Capito (R-W.V.) said in a release that the hearing is meant to “review ways to make the CFPB more accountable and transparent.” One bill that the Wednesday hearing could focus on is H.R. 1121, the Responsible Consumer Financial Protection Regulations Act, which would create a five-person panel to head the Consumer Financial Protection Commission, to replace the single director as the current set up would require. H.R. 1351, the Consumer Financial Protection Safety and Soundness Improvement Act, may also be discussed during the hearing. This bill would allow the Financial Stability Oversight Council (FSOC) to set aside certain CFPB rules if two-thirds of the FSOC agrees to do so. The legislation would also direct the FSOC to take action to stay or set aside CFPB rules that are inconsistent with the safe and sound operation of U.S. financial institutions. The FSOC is chaired by Treasury Secretary Timothy Geithner and includes Federal Reserve Board Chairman Ben Bernanke as well as other key regulators from the National Credit Union Administration, Securities and Exchange Commission, and the Commodity Futures Trading Commission. The FSOC is tasked with monitoring markets for disturbances and promoting market discipline. Grand Rapids State Bank CEO Noah Wilcox and Consumer Bankers Association President Richard Hunt will join Staatz on his witness panel. Bank of Bennington CEO Leslie Andersen, Washington Gas Light FCU CEO Lynette Smith, and U.S. Chamber of Commerce Center for Capital Markets Competitiveness Director Jess Sharp will testify during an earlier panel.


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