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Senate Banking Eyes Mortgages, Appraisals, Exams And More
WASHINGTON (2/13/13)--Mortgage origination, appraisals, examinations, interactions with the Consumer Financial Protection Bureau and risk management will be among the issues of interest to credit unions that will be examined by the Senate Banking Committee in the 113th U.S. Congress, Committee Chairman Tim Johnson (D-S.D.) said in a Tuesday release.

The release said the committee would also continue to review the examination policies of federal financial regulators, ensuring that examinations are balanced in a manner that does not discourage prudent lending while promoting consumer protection and safety and soundness. Financial data security, Wall Street reform oversight and housing finance and consumer protection issues will also be high on the committee's list of priorities.

"The committee has important work to do in the 113th Congress, and I intend to work across the aisle to build consensus and find solutions to strengthen and sustain our economic recovery," Johnson said. He noted the committee has a proud history of bipartisanship. "From protecting consumers and taxpayers from Wall Street abuses, to providing the Federal Housing Administration with additional tools to manage its finances while continuing to serve American families, I believe we can and must find common ground," he added.

Johnson said the committee plans to monitor and potentially address consumer financial services, including:

  • Credit cards;
  • Private student loans;  
  • Prepaid cards;
  • Mobile payments;
  • Consumer credit reporting and scoring;
  • Payday loans;
  • Overdraft coverage programs; and
  • Deposit advance programs.
Financial protection issues that impact the military community will also be discussed. Reauthorizing certain expiring programs and quickly considering President Barack Obama's nominees will also be priorities, Johnson said.

The Native American Housing and Self-Determination Act, the Defense Production Act, Export Import Bank authorization, public transportation and roadway spending authorizations and terrorism risk insurance provisions are among the items that will expire in 2013 or 2014, the release noted.

The committee will hold the first hearing of 2013 when federal banking regulators testify on Wall Street reforms, financial stability oversight and consumer and investor protections on Feb. 14.

For more on the committee's priorities for the 113th Congress, use the resource link.
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