A Weekly Legislative Update From CUNA
The House and Senate This Week (04/15/2013)
It is another busy week for credit unions on Capitol Hill with both chambers in session. Debate on cybersecurity legislation in the House, and a number of hearings may help determine how Congress handles regulatory burden and housing finance reform.
Floor Schedule
On Monday, the House met and considered several bills under suspension of the rules, including H.R. 756, the Cybersecurity Enhancement Act of 2013. For the remainder of the week, the House will be considering H.R. 624, the Cyber Intelligence Sharing and Protection Act. The Senate also convened on Monday and resumed consideration of S. 649, the Safe Communities, Safe Schools Act of 2013.
Committee Meetings
Tuesday, April 16
Wednesday, April 17
Thursday, April 18
Regulatory Relief Proposals
Last week CUNA presented 35 regulatory relief proposals to the House Financial Services Committee. While these were outlined in CUNA’s written testimony, we wanted you to be aware that a summary of this testimony is also available as well on the CUNA website. As the Committee determines how it intends to move forward with regulatory relief legislation for credit unions and small banks, additional collateral material will be provided. Expected next steps after the hearing on Tuesday, will provide the Committee with a better idea of how it intends to proceed on regulatory relief legislation. More information will be provided moving forward.
Additional Information
We want you to be aware of a new document added to the CUNA website which is called the Legislative Digest. This document provides a list and summary of all of the bills being tracking on Capitol Hill by CUNA. This document is used to help prepare lobbying disclosure reports. The Legislative Digest will be regularly updated (every week when the Congress is in session), and hopefully this information will be fed in the future directly to the CUNA website.
Ryan Donovan
Senior Vice President, Legislative Affairs
Credit Union National Association
Floor Schedule
On Monday, the House met and considered several bills under suspension of the rules, including H.R. 756, the Cybersecurity Enhancement Act of 2013. For the remainder of the week, the House will be considering H.R. 624, the Cyber Intelligence Sharing and Protection Act. The Senate also convened on Monday and resumed consideration of S. 649, the Safe Communities, Safe Schools Act of 2013.
Committee Meetings
Tuesday, April 16
- The House Budget Committee held a hearing on "The President's FY2014 Revenue and Economic Policy Proposals."
- The House Financial Services Committee Financial Institutions and Consumer Credit Subcommittee convened a hearing on "Examining Community Bank Regulatory Burdens." Testifying witnesses included Ken Burgess, chairman of First Bancshares of Texas Inc., representing the American Bankers Association; Charles Kim, executive vice president and CFO of Commerce Bancshares Inc., representing the Consumer Bankers Association; and William Loving, president and CEO of Pendleton Community Bank, representing the Independent Community Bankers of America.
- The House Financial Services Committee Oversight and Investigations Subcommittee held a second hearing on the need to end "Too Big to Fail." Witnesses included Scott Alvarez, general counsel for the Federal Reserve Board of Governors; Richard Osterman Jr., acting general counsel for the Federal Deposit Insurance Corporation (FDIC); and James Wigand, director of FDIC's Office of Complex Financial Institutions.
- The Senate Budget Committee held a hearing on "President Obama's FY2014 Budget and Revenue Proposals."
Wednesday, April 17
- The House Financial Services Committee is holding a hearing on impediments to private capital in the housing finance system.
- The House Financial Services Committee Oversight and Investigations Subcommittee convenes a hearing on "Examining the SEC's (Securities and Exchange Commission) Failure to Implement the JOBS (Jumpstart Our Business Startups) Act and its Impact on Economic Growth."
- The Senate Banking, Housing and Urban Affairs Committee Housing, Transportation, and Community Development Subcommittee is hearing on "Helping Homeowners Harmed by Foreclosures: Ensuring Accountability and Transparency in Foreclosure Reviews."
- The Senate Banking, Housing and Urban Affairs Committee is scheduled to have a full committee hearing on "Oversight of the Federal Housing Finance Agency (FHFA): Evaluating FHFA as Regulator and Conservator."
Thursday, April 18
- The Joint Economic Committee will hold a full committee hearing on "The Fed at 100: Can Monetary Policy Close the Growth Gap and Promote a Sound Dollar."
Regulatory Relief Proposals
Last week CUNA presented 35 regulatory relief proposals to the House Financial Services Committee. While these were outlined in CUNA’s written testimony, we wanted you to be aware that a summary of this testimony is also available as well on the CUNA website. As the Committee determines how it intends to move forward with regulatory relief legislation for credit unions and small banks, additional collateral material will be provided. Expected next steps after the hearing on Tuesday, will provide the Committee with a better idea of how it intends to proceed on regulatory relief legislation. More information will be provided moving forward.
Additional Information
We want you to be aware of a new document added to the CUNA website which is called the Legislative Digest. This document provides a list and summary of all of the bills being tracking on Capitol Hill by CUNA. This document is used to help prepare lobbying disclosure reports. The Legislative Digest will be regularly updated (every week when the Congress is in session), and hopefully this information will be fed in the future directly to the CUNA website.
Ryan Donovan
Senior Vice President, Legislative Affairs
Credit Union National Association
