WASHINGTON (4/12/16)--Both chambers of Congress are in session this week, and CUNA will be following a few hearings, votes and a markup of regulatory relief legislation. Potential tax reform, Consumer Financial Protection Bureau (CFPB) funding and Dodd-Frank Act changes are all on CUNA’s radar this week.
The House Financial Services Committee will mark up two bills Wednesday, starting at 10 a.m. (ET). One bill is the CUNA-supported Taking Account of Bureaucrats’ Spending Act (H.R. 1486). The bill, introduced by Rep. Andy Barr (R-Ky.), would place the CFPB under the appropriations process.
“Since the inception of the bureau, CUNA has held the position that the most appropriate funding scheme for a consumer bureau would be through the appropriations process,” said Ryan Donovan, CUNA’s chief advocacy officer. “We support the legislation because it not only gives Congress more oversight over the bureau, but it would also incentivize the bureau to focus its attention on the abusers of consumers.”
CUNA sent a letter supporting H.R. 1486 Monday, with CUNA President/CEO Jim Nussle thanking Barr for his legislation, saying it is “a step in the right direction toward ensuring that credit unions and other small financial institutions do not pay for the misdeeds of other entities through additional regulatory burden.”
The second bill marked up by the committee has yet to be introduced, but it would repeal Title II of the Dodd-Frank Act, which deals with the orderly liquidation of large financial institutions.
Also on Wednesday, the House Ways and Means Committee will conduct its second hearing on fundamental tax reform proposals. CUNA will send a letter for the record for the hearing.
Rep. Devin Nunes (R-Calif.), a member of the committee, introduced a tax reform bill earlier this year that would protect the credit union tax status. The list of members who will speak Wednesday has not been released.
CUNA will also be monitoring a hearing Thursday, held by the House Financial Services subcommittee on capital markets and government sponsored enterprises. The hearing will examine the impact of the Jumpstart Our Business Startups (JOBS) Act, four years after its enactment.