WASHINGTON (3/22/13)--The regulatory burden faced by small financial institutions, like credit unions, is on the U.S. House Financial Services Committee agenda twice in April.
The April hearing schedule is in its early planning stages and few details are available. Credit unions are not named on the hearing schedule. However, a committee spokesman on Wednesday told News Now
that the panel does intend to hold a hearing to study the regulatory burden of credit unions. That session will be part of a 2013 series to study, in part, the impact of the Dodd-Frank Act.
"We welcome the upcoming hearings on the regulatory burdens facing community-based financial institutions," Credit Union National Association Senior Vice President of Legislative Affairs Ryan Donovan said Thursday.
"We testified several times in the last Congress regarding what we've called the crisis of creeping complexity with respect to regulatory burden, and this has been the subject of several of our recent meetings with Committee members and staff. Sadly, this problem is not going away--in fact, it is getting worse.
"These hearings will give us the opportunity to shed more light on this problem and hopefully represent the beginning of the process in this Congress to move legislation to provide relief to America's credit unions," he added.
The first of these scheduled small financial institution hearings is set for April 10, before the financial institutions and consumer credit subcommittee. That subcommittee has set a second hearing on the same topic for April 16.
Other items on the committee agenda include:
- An April 5 oversight and investigations subcommittee hearing on reports of waste, fraud and abuse at the U.S. Department of Housing and Urban Development;
- An April 10 housing and insurance subcommittee hearing on the future of the Federal Housing Administration;
- An April 11 monetary policy and trade subcommittee hearing on the U.S. role in the International Monetary Fund;
- An April 11 capital markets and government sponsored enterprises subcommittee hearing to review legislation to reform derivatives provisions of the Dodd-Frank Act;
- An April 5 oversight and investigations subcommittee hearing on "too big to fail" institutions;
- An April 17 full committee hearing on impediments to private capital in the housing finance system;
- An April 24 capital markets and government sponsored enterprises subcommittee hearing to review how Sallie Mae was successfully wound down; and
- An April 24 monetary policy and trade subcommittee hearing which will, again, focus on the U.S. role in the IMF.
For a committee release on the schedule, use the resource link.