A Weekly Legislative Update From CUNA
The House and Senate This Week (12/10/2012)
Floor Schedule
House Schedule
On Tuesday, the House will meet at 12:00 p.m. to debate the motion to go to conference on the Defense Authorization bill. No votes are expected before 6:30.
On Wednesday, the House will meet at 10:00 a.m. for Morning Hour debate and 12:00 p.m. for legislative business. During Wednesday’s session, we expect the House to consider a number of bills under suspension of the rules, including a modified version of H.R. 5817, the Eliminate Privacy Notice Confusion Act. During debate on this legislation last week, some members objected to language in the bill that was not in the version of the bill that the House passed in the 112th Congress; this language was unrelated to credit unions. We’ve been working with the sponsors of the legislation to make the necessary changes to the bill, and we fully support the amended version of the bill.
The House is expected to be in session on Thursday, but no schedule has been released yet. It is likely the House will consider additional bills under suspension of the rules.
Senate Schedule
During last Thursday’s session of the Senate, cloture was filed on the motion to proceed to S.3637, a bill to extend the transaction account guarantee program (TAG) for two years. The Senate will convene at 2:00 p.m. today and will resume consideration of the motion to proceed to S.3637, the transaction account guarantee (TAG) extension legislation with the time until 5:30 pm equally divided and controlled between the two leaders or their designees. At 5:30 pm on Monday, there will be a roll call vote on the motion to invoke cloture on the motion to proceed to S.3637. This motion is subject to a 60 vote threshold.
At this time, we expect that, and have been planning as if, the motion will achieve the required number of votes and that the Senate will proceed to consider the bill. However, if the motion does not receive 60 votes, then the Senate would turn to other business.
Amendment Process
In the event that the motion is successful, debate on the bill would begin immediately. We would expect that the Majority Leader would be recognized first and that he will offer a series of first and second degree amendments that will “fill the amendment tree” and block other Senators from offering amendments. We would also expect that he would shortly thereafter file cloture on the bill. If the Senate proceeds to consider S. 3637, we will be strongly urging consideration of the Udall amendment related to member business lending. We've been in contact with Senator Udall and other Senators over the weekend and if given the opportunity for consideration, we intend to take it. However, it is important to understand that after Senator Reid fills the tree, amendments may only be considered if there is a unanimous consent agreement worked out between the Majority and Minority leaders. We anticipate that there are amendments that Republicans would like to have considered to this bill, especially given the fact that it’s only the third financial services bill on the floor since the beginning of the 112th Congress. However, it remains to be seen whether they will be able to work out an agreement.
All of the procedure is subject to change, and we will keep you informed as the Senate works its way through the process.
Key Points
Other Legislation
We believe it is possible that Senator DeMint will release his hold on the combined ATM/CFPB privilege bill this week. Our understanding is that the Democrats have cleared the stand alone versions of these bills (both of which have passed the House) on their side and have heard no objections, and that they have asked the Republicans to do the same. If the bills are cleared on the Republican side, they could be approved by the Senate this week by unanimous consent. Senate action on the stand alone bills would allow them to be sent directly to the President for signature. We are monitoring this situation and we will let you know when there is any action on these bills.
Committee Meetings
On Wednesday, the Capital Markets and Government Sponsored Enterprises Subcommittee (Chairman Garrett, R-N.J.) of House Financial Services Committee will hold a hearing on the economic impact of the derivatives provisions contained in Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (PL 111-203).
On Thursday, the General Farm Commodities and Risk Management Subcommittee (Chairman Conaway, R-Texas) of House Agriculture Committee will hold a hearing on impact of the derivatives provisions contained in Title VII of the Dodd-Frank Wall Street Reform and Consumer Protect Act (PL 111-203) on U.S. and international commodities markets.
Also on Thursday, the House Financial Services Committee (Chairman Bachus, R-Ala.) will hold a hearing on section 619 of the Dodd-Frank Street Reform and Consumer Protection Act (PL 111-203), known as the Volcker rule, which requires that banks separate activities such as investment banking, private equity and proprietary trading from their consumer services such as installment loans, residential mortgages, equity credit loans and deposit services.
Ryan Donovan
Senior Vice President, Legislative Affairs
House Schedule
On Tuesday, the House will meet at 12:00 p.m. to debate the motion to go to conference on the Defense Authorization bill. No votes are expected before 6:30.
On Wednesday, the House will meet at 10:00 a.m. for Morning Hour debate and 12:00 p.m. for legislative business. During Wednesday’s session, we expect the House to consider a number of bills under suspension of the rules, including a modified version of H.R. 5817, the Eliminate Privacy Notice Confusion Act. During debate on this legislation last week, some members objected to language in the bill that was not in the version of the bill that the House passed in the 112th Congress; this language was unrelated to credit unions. We’ve been working with the sponsors of the legislation to make the necessary changes to the bill, and we fully support the amended version of the bill.
The House is expected to be in session on Thursday, but no schedule has been released yet. It is likely the House will consider additional bills under suspension of the rules.
Senate Schedule
During last Thursday’s session of the Senate, cloture was filed on the motion to proceed to S.3637, a bill to extend the transaction account guarantee program (TAG) for two years. The Senate will convene at 2:00 p.m. today and will resume consideration of the motion to proceed to S.3637, the transaction account guarantee (TAG) extension legislation with the time until 5:30 pm equally divided and controlled between the two leaders or their designees. At 5:30 pm on Monday, there will be a roll call vote on the motion to invoke cloture on the motion to proceed to S.3637. This motion is subject to a 60 vote threshold.
At this time, we expect that, and have been planning as if, the motion will achieve the required number of votes and that the Senate will proceed to consider the bill. However, if the motion does not receive 60 votes, then the Senate would turn to other business.
Amendment Process
In the event that the motion is successful, debate on the bill would begin immediately. We would expect that the Majority Leader would be recognized first and that he will offer a series of first and second degree amendments that will “fill the amendment tree” and block other Senators from offering amendments. We would also expect that he would shortly thereafter file cloture on the bill. If the Senate proceeds to consider S. 3637, we will be strongly urging consideration of the Udall amendment related to member business lending. We've been in contact with Senator Udall and other Senators over the weekend and if given the opportunity for consideration, we intend to take it. However, it is important to understand that after Senator Reid fills the tree, amendments may only be considered if there is a unanimous consent agreement worked out between the Majority and Minority leaders. We anticipate that there are amendments that Republicans would like to have considered to this bill, especially given the fact that it’s only the third financial services bill on the floor since the beginning of the 112th Congress. However, it remains to be seen whether they will be able to work out an agreement.
All of the procedure is subject to change, and we will keep you informed as the Senate works its way through the process.
Key Points
- CUNA is urging a NO vote on the motion to proceed to consideration of S. 3637. We have a live action alert on this topic in our Grassroots Action Center.
- If the Senate considers S. 3637, we will be strongly urging consideration of the Udall amendment related to member business lending.
- If the Senate does not consider the Udall amendment, CUNA will be urging a NO vote on the motion to invoke cloture on the bill (expected later this week).
- If the Senate does consider the Udall amendment, CUNA will be urging a YES vote on the Udall amendment and, if it is approved, final passage of the legislation, as amended.
Other Legislation
We believe it is possible that Senator DeMint will release his hold on the combined ATM/CFPB privilege bill this week. Our understanding is that the Democrats have cleared the stand alone versions of these bills (both of which have passed the House) on their side and have heard no objections, and that they have asked the Republicans to do the same. If the bills are cleared on the Republican side, they could be approved by the Senate this week by unanimous consent. Senate action on the stand alone bills would allow them to be sent directly to the President for signature. We are monitoring this situation and we will let you know when there is any action on these bills.
Committee Meetings
On Wednesday, the Capital Markets and Government Sponsored Enterprises Subcommittee (Chairman Garrett, R-N.J.) of House Financial Services Committee will hold a hearing on the economic impact of the derivatives provisions contained in Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (PL 111-203).
On Thursday, the General Farm Commodities and Risk Management Subcommittee (Chairman Conaway, R-Texas) of House Agriculture Committee will hold a hearing on impact of the derivatives provisions contained in Title VII of the Dodd-Frank Wall Street Reform and Consumer Protect Act (PL 111-203) on U.S. and international commodities markets.
Also on Thursday, the House Financial Services Committee (Chairman Bachus, R-Ala.) will hold a hearing on section 619 of the Dodd-Frank Street Reform and Consumer Protection Act (PL 111-203), known as the Volcker rule, which requires that banks separate activities such as investment banking, private equity and proprietary trading from their consumer services such as installment loans, residential mortgages, equity credit loans and deposit services.
Ryan Donovan
Senior Vice President, Legislative Affairs
