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News Now

Washington
Congress may complete housing credit bills this week
WASHINGTON (5/19/09)—The Senate will resume its discussion of H.R. 627 today. Among the items to be debated are amendments addressing credit card protections for small businesses, issues surrounding stored value gift cards, and an amendment addressing specific interest rate issues in the state of Arkansas. There may also be a “manager’s amendment.” The bill could see a final Senate vote later this week. The House may consider Senate amendments to H.R. 627 late in the week, but it is believed that Congress is crafting the bill to limit disagreements between the two legislative bodies and ensure quick passage. President Barack Obama has asked Congress to have the final legislation to his desk by Memorial Day. The House Rules Committee on May 18 considered Senate amendments to S. 896, the Helping Families Save Their Homes Act, and the House could offer further amendments this week. The Senate could then pass the final bill by the end of this week, with or without any potential House modifications. The National Credit Union Administration's (NCUA) corporate credit union stabilization plan will be discussed in a May 20 hearing before the House Financial Services subcommittee on financial institutions and consumer credit. Service 1st FCU President/CEO Bill Lavage will represent the Credit Union National Association (CUNA) on the panel. (See related story: Lavage is CUNA witness on corporate stabilization. The House will also hold hearings on “Capital Loss, Corruption, and the Role of Western Financial Institutions”, “approaches to Improving Credit Rating Agency Regulation”, and student loan reforms during the coming week. U.S. Treasury Secretary Timothy Geithner will appear before the House to discuss the Treasury Department on May 21. Secretary Geithner will also discuss oversight of the Troubled Asset Relief Program before a Senate subcommittee on Wednesday.


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