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News Now

Washington
Congress this week Reg reform votes on calendar
WASHINGTON (10/13/09)--While the week for Congress began with the Columbus Day holiday, legislators on the House side will discuss H.R. 3606, the CARD Act Technical Corrections Act, when they reconvene today. H.R. 3606, which was introduced by Rep. Peter Welch (D-Vt.) last week and has been supported by the Credit Union National Association, would clarify that the 21 day notification requirements of the CARD Act apply only to credit card accounts. The week will continue with a pair of committee meetings set for Wednesday, and one of them will feature National Credit Union administration Chairman Deborah Matz representing the NCUA before Congress for the first time since her confirmation earlier this year. The hearing, which will focus on the state of the banking industry, will take place before the Senate financial institutions subcommittee and will also feature testimony from Federal Deposit Insurance Corporation Chairman Sheila Bair, Comptroller of the Currency John Dugan, and Federal Reserve Governor Daniel Tarullo, among others. The House Financial Services Committee on Wednesday has also scheduled full committee markup sessions of H.R.3763, which would amend the Fair Credit Reporting Act to provide an exclusion from so-called “red flag” guidelines for certain businesses, and H.R. 3639, the "Expedited CARD Reform for Consumers Act of 2009." H.R.3126, the "Consumer Financial Protection Agency Act of 2009"; will also be discussed during this markup session, which could extend into Thursday. CUNA’s Vice President of Legislative Affairs Ryan Donovan speculated that amendments addressing examination, enforcement, credit insurance, and preemption issues could come up during the discussion of H.R. 3126.


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