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News Now

Washington
Financial info privacy leads week in D.C.
WASHINGTON (2/14/12)--H.R. 3871, which would ensure that groups or individuals that supply information to the Consumer Financial Protection Bureau (CFPB) would not waive their right to privacy protections, will be the bill to watch for credit unions this week, and that piece of legislation is expected to come up for a House Financial Services Committee vote on Thursday.

Republican and Democratic lawmakers have recently spoken in support of the bill, and these privacy improvements have also been approved by CFPB Director Richard Cordray. The Credit Union National Association also backs the bill, noting in a letter sent last week that while section 205(j) of the Federal Credit Union Act protects privileged information submitted by credit unions to the National Credit Union Administration, state credit union supervisors, and foreign banking authorities, that section does not cover submissions to the CFPB.

The Reopening American Capital Markets to Emerging Growth Companies Act of 2011 (H.R. 3606), the SEC Regulatory Accountability Act (H.R. 2308), and the Swaps Bailout Prevention Act (H.R. 1838) will also be marked up during that hearing.

A full slate of hearings is set for this week, and the Obama administration's budget will be the subject of many of these hearings. Administration officials will appear before the Senate Budget Committee, Senate Finance Committee, House Ways and Means Committee, and House Budget Committee hearings this week. U.S. Treasury Secretary Timothy Geithner and Office of Management and Budget Acting Director Jeffrey Zients will appear during some of these hearings.

Other noteworthy hearings scheduled for this week include:
  • A Wednesday House Judiciary Committee hearing on President Barack Obama's recent recess appointments;
  • A Wednesday House Financial Services oversight subcommittee hearing on the CFPB budget;
  • A Wednesday Senate Banking financial institutions subcommittee hearing incentive compensation at large financial institutions; and
  • A Thursday Senate Homeland Security Committee hearing on the Cybersecurity Act of 2012.


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