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In Congress Hearings include CARD Act housing
WASHINGTON (6/5/12)—A House subcommittee on financial institutions and consumer credit hearing on implementation of the Credit Card Accountability, Responsibility and Disclosure (CARD) Act is one of many items credit unions will want to keep an eye on as the U.S. House and Senate work through this week.

The CARD Act hearing, entitled "an Examination of the Federal Reserve's Final Rule on the CARD Act's 'Ability to Repay' Requirement," is scheduled to be held on Wednesday afternoon. A witness list had not been released as of late Monday.

A Thursday House Financial Services subcommittee on insurance, housing and community opportunity hearing will also be of interest to credit unions. That hearing will focus on the Federal Housing Administration's multi-family housing programs. That hearing will feature testimony from Deputy Assistant Secretary Marie Head, National Housing Trust President Michael Bodaken and National Low Income Housing Coalition CEO Sheila Crowley, among others. AmeriSphere CEO Rodrigo López is also scheduled to testify on behalf of the Mortgage Bankers Association.

The House Financial Services Committee will has also scheduled a Wednesday hearing. That panel will review the Investment Adviser Oversight Act (H.R. 4624), which would provide for the registration and oversight of national investment adviser associations, on the schedule. Investor issues will again be addressed on Thursday in a House capital markets subcommittee hearing. The House Small Business Committee has scheduled a Wednesday hearing on the management of the Capital Access Program by the Small Business Administration.

A Wednesday Senate Banking Committee hearing on derivatives regulations is also scheduled. That hearing will focus on the steps the Securities and Exchange Commission (SEC) and the Commodities Futures Trading Commission are taking to implement provisions of the Dodd-Frank Wall Street Reform Act, and their efforts to reduce systemic risk and improve market oversight. The session also will review the $2 billion J.P. Morgan Chase trading loss, which is being investigated by federal authorities.

The Paycheck Fairness Act (S. 3220) will be considered by the Senate this week, and various appropriations bills will be addressed by the House.

House members will return to their home districts until June 18 at the end of this week, but the Senate will remain in session.


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