WASHINGTON (11/29/11)--Credit unions will want to keep an eye on hearings and, potentially, floor votes this week as Congress returns from the Thanksgiving break.
The key bills for credit unions this week are H.R. 3010, the Regulatory Accountability Act, and possibly H.R. 527, the Regulatory Flexibility Improvements Act, and H.R. 10, the Regulations from the Executive In Need of Scrutiny Act (REINS Act). The Credit Union National Association (CUNA) recently spoke out in support of H.R. 3010, saying it would "give credit unions and others new tools and procedures that would help protect against arbitrary regulatory burdens" and "would significantly enhance the interaction between industry and federal administrative agencies."
The Regulatory Accountability Act would revise the Administrative Procedure Act to require agencies to consider the costs and benefits of new rules and other regulatory actions, and would require federal regulators to conduct public hearings for most rules estimated to have an aggregate impact on industry of over $1 billion. The legislation also sets new data quality standards for agency fact finding in the rulemaking process.
Portions of the bill that add cost benefit analysis and information reporting requirements "would be far more effective than the closest existing parts of the Administrative Procedure Act, the Regulatory Flexibility Act and the Paperwork Reduction Act," CUNA said.
The first hearing of this week will take place later today when the House Financial Services Committee marks up H.R. 3213, the Small Company Job Growth and Regulatory Relief Act of 2011, H.R. 2682, the Business Risk Mitigation and Price Stabilization Act of 2011, H.R. 2779, to exempt inter-affiliate swaps from certain regulatory requirements put in place by the Dodd-Frank Wall Street Reform and Consumer Protection Act, and H.R. 2586, the Swap Execution Facility Clarification Act.
That committee's subcommittee on oversight and investigations will on Wednesday hold a hearing on Federal Housing Finance Agency oversight, and the Senate Banking Committee on Wednesday will cover legislation related to capital formation.