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This week in Congress: three CUNA-backed relief bills set for markup
WASHINGTON (5/20/14)--Congress will be considering a number of bills this week that would have an impact on credit unions and their members.
The House is scheduled to resume markup on three bills of interest to credit unions Thursday. The issues covered by these bills were raised by the Credit Union National Association in testimony before the Committee last year, and CUNA has sent letters of support for these bills:
  • H.R. 4466, introduced by Reps. Shelley Moore Capito (R-W.V.) and Gregory Meeks (D-N.Y.), would require financial regulators to determine whether new regulations are duplicative or inconsistent with existing Federal regulations;
  • H.R. 4521, introduced by Rep. Blaine Luetkemeyer (R-Mo.), would exempt credit unions and other lenders under $10 billion from certain Real Estate Settlement Procedures Act (RESPA) escrow requirements and exempt mortgage servicers servicing fewer than 20,000 loans from certain RESPA servicing requirements; and,
  • H.R. 2673, introduced by Rep. Andy Barr (R-Ky.), would treat mortgage loans held in portfolio as qualified mortgages.
In addition, House committees will hold hearings on the following bills today:
  • The House Financial Services Committee will hold a full committee hearing on "Examining the Dangers of the Financial Stability Oversight Council Designation Process and its Impact on the U.S. Financial System;" and
  • The House Financial Services subcommittee on housing and insurance will hold a hearing on "Legislative Proposals to Reform Domestic Insurance Policy;" the Insurance Consumer Protection and Solvency Act of 2013 (H.R. 605); the Policyholder Protection Act of 2014 (H.R. 4557); the Risk Retention Modernization Act of 2014; the Insurance Data Protection Act of 2014; and the Insurance Capital Standards Clarification Act of 2014 (H.R.4510).
Hearings on Wednesday include:
  • The House Financial Services subcommittee on oversight and investigations will hold a hearing on "Allegations of Discrimination and Retaliation within the Consumer Financial Protection Bureau, Part Two;"
  • The House Homeland Security subcommittees on counterterrorism and intelligence and on cybersecurity, infrastructure protection and security technologies will hold a joint hearing on "Assessing Persistent and Emerging Cyber Threats to the U.S. Homeland;"
  • The House Financial Services subcommittee on financial institutions and consumer credit  will hold a hearing on "Legislative Proposals to Improve Transparency and Accountability at the CFPB;" and,
  • The Senate Appropriations subcommittee on financial services and general government will hold a hearing on the proposed budget estimates and justification for FY2015 for the Small Business Administration and the Community Development Financial Institutions Fund.
In addition to the House Financial Services markup, hearings on Thursday also include :
  • The House Energy and Commerce subcommittee on commerce, manufacturing and trade  will hold a hearing on legislation to enhance federal and state enforcement of fraudulent patent demand letters; and
  • The Senate Judiciary Committee will hold a full committee markup of the Patent Transparency and Improvements Act of 2013 (S. 1720).


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