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News Now

Washington
CUNA will watch State of the Union for CU impact
WASHINGTON (2/12/13)--Job creation and aiding the middle class are expected to be two major themes of President Barack Obama's State of the Union address, and the Credit Union National Association will be watching tonight to gauge what Obama's policy objectives could mean for credit unions going forward.

According to USA Today, Obama has told House Democrats he will "[talk] about making sure that we're focused on job creation here in the United States of America." The budget disputes that have gripped the U.S. Congress in recent weeks will also be a central focus of the President's remarks, several outlets have reported.

Also in Washington, both the House and the Senate are in session this week.

The House Financial Services Committee's examination of the Federal Housing Agency's role in mortgage markets will continue on Wednesday, when that committee holds a hearing entitled "Bailout, Bust, or Much Ado About Nothing?: A Look at the Federal Housing Administration's 2012 Actuarial Report." (News Now Feb. 7)

The hearing will examine the FHA's financial status and HUD's Nov. 16, 2012 actuarial review of the fiscal 2012 FHA Mutual Mortgage Insurance Fund. FHA Commissioner Carol Galante will be the sole hearing witness.

The Congressional Budget Office's budget and economic outlook will be examined by the Senate Budget Committee and House Budget Committee on Tuesday and Wednesday, respectively. The House Small Business Committee will examine the state of the small business economy on Wednesday.

Jack Lew's nomination to the position of U.S. Treasury Secretary will be addressed in a Wednesday Senate Finance Committee hearing.

Itemized deductions for charitable contributions will be examined in a Thursday House Ways and Means Committee hearing. Ryan Donovan, CUNA senior vice president of legislative affairs, said CUNA does not expect the credit union tax status to be any part of the focus at this hearing. "However, we will be watching this closely, as it could shed light on how the committee intends to evaluate tax provisions going forward," he said.

Federal banking regulators have been invited to testify before a Thursday Senate Banking Committee hearing on Wall Street reforms, financial stability oversight and consumer and investor protections.


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