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Congress Interchange discussion leads the week for CUs
WASHINGTON (2/15/11)—Thursday’s House Financial Services Committee Financial Institutions and Consumer Credit Subcommittee hearing on the economic impact of interchange fees will surely be the main Washington concern for credit unions this week. The hearing, which will be led by subcommittee chair Rep. Shelley Moore Capito (R-W. Va.), will address the Federal Reserve’s recently released proposal to cap the amount of interchange fees that are charged on a given transaction. Frank Michael, President/CEO of Stockton, Calif.-based Allied CU, will testify on behalf of the Credit Union National Association and his credit union during the Feb. 17 hearing. There will be other hearings of note during the week, with the full House Financial Services committee holding a hearing on the regulatory, economic and market implications of the Dodd-Frank Act’s treatment of derivatives on Tuesday. Dodd-Frank legislation will also be addressed on Thursday as the Senate Banking Committee discusses oversight of that legislations implementation. Federal Reserve Chairman Ben Bernanke, Federal Deposit Insurance Corporation Chairman Sheila Bair, chairman of the Securities and Exchange Commission and other federal financial authorities are set to testify. National Credit Union Administration (NCUA) Chairman Debbie Matz was not on the witness list at press time. The House Financial Services Committee’s oversight and investigation subcommittee will cover the post-conservatorship legal expenses of Fannie Mae and Freddie Mac on Tuesday, and housing-related issues will also be discussed during a Wednesday House insurance and housing subcommittee hearing on possible governmental impediments to a potential housing market recovery. Hearings on the Financial Crisis Inquiry Commission’s report and the small business economy will also be held on Wednesday. Those hearings will take place before the full House Financial Services Committee and the House Small Business Committee, respectively. A number of committee hearings on President Barack Obama’s 2011 budget are also expected. Both the House and Senate are expected to have full sessions during the week, ahead of next week’s constituent work period that will last through Feb. 25. H.R. 1, a full-year continuing appropriations bill, will be discussed during the week.


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