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Consumer protection in House Senate this week
WASHINGTON (7/19/11)--The House and Senate return to Washington this week with the debt ceiling debate still looming large, and weeks to go before their traditional August recess. Credit union watchers will want to focus first on today’s Senate Banking Committee hearing on enhancing consumer financial protection. Truliant FCU President/CEO Marcus Schaefer will testify alongside witnesses from the U.S. Chamber of Commerce and the Center for Responsible Lending, among others. The House Financial Services Committee will hold a Tuesday markup session, and the Senate Banking Committee has scheduled a Thursday hearing to review the Wall Street Reform Act. Deputy Treasury Secretary Neal Wolin, Federal Reserve Chairman Ben Bernanke, Securities and Exchange Commission Chairman Mary Schapiro, and other federal regulators will testify during that hearing. The Consumer Financial Protection Safety and Soundness Improvement Act (H.R. 1315), which would modify the voting procedure of the Financial Stability Oversight Council (FSOC) when voting to stay or set aside rules finalized by the Consumer Financial Protection Bureau (CFPB), is on the Wednesday House schedule. The Credit Union National Association (CUNA) in April testimony supported allowing the FSOC to take action if a CFPB regulation would be unreasonably burdensome for financial institutions or the burden to financial institutions outweighs the benefit to consumers. The House this week is also set to consider the Cut, Cap and Balance Act (H.R. 2560), the FAA Reauthorization Act (H.R. 2553), the Consumer Financial Protection Safety and Soundness Improvement Act (H.R. 1315) and the Legislative Branch Appropriations Act (H.R. 2551). In the Senate, debate will focus on the Military Construction Appropriations Act (H.R.2055) and potentially a debt ceiling proposal.

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