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News Now

Washington
Dodd-Frank among House Fin. Services March hearing topics
WASHINGTON (2/22/11)--A March 2 subcommittee hearing on the impact of the Dodd-Frank Act on smaller financial institutions is among the items on a just-released, tentative House Financial Services Committee hearing schedule for March. The financial institutions subcommittee hearing will follow by two weeks a Senate Banking Committee hearing that also had Dodd-Frank as its subject. That panel looked at regulators’ implementation progress at the half-year mark, and substantial concern was expressed by lawmakers regarding the Federal Reserve Board’s proposed implementation of a Dodd-Frank cap on interchange fees. Concurrently, CUNA testified at a House Financial Services Committee hearing on implications of the Fed plan and urged Congress to stop, study, and start over on the interchange issues. At both the House and Senate hearings, bi-partisan concern was expressed over the Fed plan in two key areas of credit union concerns: One is potential costs to consumers if card issuer costs are driven up by the government cap on fees merchants pay for using the card system; the other is whether a small-issuer exemption contained in the law will truly protect small-issuers in practice. Also, on the House Financial Services tentative March hearing schedule (times noted are Eastern Time):
* March 1: Full committee hearing on government-sponsored enterprise reform at 10 a.m. (ET); full committee hearing on the fiscal year U.S> Housing and Urban Development budget at 2 p.m. ; * March 2: Full committee hearing to receive the Federal Reserve Board’s semi-annual monetary policy report to the U.S. Congress, as required under the Humphrey-Hawkins Act, at 10 a.m. ; Financial Institutions Subcommittee hearing on Dodd-Frank Act impact at 2 p.m.; * March 3: Full committee mark up of bills to be determined, at 10 a.m.; * March 9: International Monetary Policy Subcommittee hearing on the Export-Import Bank at 10 a.m.; Insurance, Housing and Community Opportunity Subcommittee hearing on reauthorization of the National Flood Insurance Program at 2 p.m.; * March 10: Capital Markets Subcommittee hearing on the SEC’s budget at 10 a.m.; * March 11: Capital Markets Subcommittee hearing on covered bonds at 10 a.m.; * March 15: Full committee mark up of budget views and estimates at 10 a.m.; * March 16: Capital Markets Subcommittee hearing on the Risk Retention Securitization Rule at 10 a.m.; Financial Institutions Subcommittee hearing on oversight of the Consumer Financial Protection Bureau at 2 p.m.; and * March 17: Domestic Monetary Policy Subcommittee hearing on monetary policy and rising prices at 10 a.m..


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