Removing Barriers Blog

Outlook for July on Capitol Hill
Posted June 29,2015 by CUNA Advocacy

July is historically one of the busier months on Capitol Hill, with lawmakers trying to move appropriations and other bills in advance of the long August recess.  This July will be of particular interest in credit unions since the Dodd-Frank Act and the CFPB have milestone anniversary.  We expect both the Senate Banking Committee and the House Financial Services Committee to hold hearings with Director Cordray in July; in addition, if the House proceeds to consider the Financial Services and General Government Appropriations Bill, it will give the chamber the opportunity to debate at least one major CFPB reform:  bringing the Bureau under the appropriations process.

In addition to the focus on the CFPB, we expect the House Financial Services Committee to hold at least one full committee mark up of regulatory relief legislation, providing opportunities to advance pending measures like the FHLB parity bill and the NCUA Budget Transparency Act.  With Congress in session for several consecutive weeks, it is prudent to expect a series of hearings focusing on the Federal Reserve and financial regulators.