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Congress NCUA confirmation exec comp vote on calendar
WASHINGTON (7/28/09)--The dominant issue on the Hill this week for credit unions is the ongoing confirmation of Deborah Matz as National Credit Union Administration (NCUA) board member and, perhaps, as Chair. Debate on the Matz nomination will begin again this morning, with the Senate Banking Committee meeting in executive session. Matz's nomination should move on to the full Senate for confirmation following this executive session. The first round of Matz’s nomination hearings took place last Wednesday. H.R. 3269, the Corporate and Financial Institution Compensation Fairness Act of 2009, is one of many items on the House agenda for what is expected to be its final week before its summer recess. House Financial Services Committee chair Rep. Barney Frank (D-Mass.) has scheduled a committee markup of that legislation for today at 10 a.m., and the bill could be discussed by the full House on Friday. The Credit Union National Association (CUNA) recently communicated its desire for credit unions to be excluded from this legislation, which would seek to curb some compensation structures that promote risk-taking by financial executives, by touting the non-profit, cooperative operational motives of credit unions in a letter sent to Frank and Rep. Spencer Bachus (R-Ala.). The House later today is also expected to consider under suspension of the rules H.R. 3330, which was introduced late last week by Rep. Steve Dreihaus (D-Ohio). This legislation would provide for "more effective" reviews of losses in the Deposit Insurance Fund and the National Credit Union Share Insurance Fund by the Inspectors General of the several banking agencies and the NCUA Board. CUNA is evaluating this legislation.


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