WASHINGTON (3/3/15)--Consumer Financial Protection Bureau (CFPB) Director Richard Cordray will deliver the sixth semiannual report to the U.S. House Financial Services Committee today. Cordray's appearance is one of several Congressional hearings CUNA will be paying close attention to this week.
The CFPB director is required by the Dodd-Frank Act to testify on the bureau's activities twice per year. Today's hearing will cover CFPB activities from April 1 to Sept. 30, 2014.
The hearing is scheduled to begin at 2:30 p.m. (ET) and will be streamed on the committee's website.
Other hearings of interest scheduled for this week include:
Last week in Congress, Small Business Administration (SBA) Administrator Maria Contreras-Sweet testified before the House Small Business Committee on the agency's fiscal year 2016 budget. The SBA is requesting $860 million, a 3% reduction from the current budget.
The budget includes the highest-ever authorization request to Congress for the SBA's 7(a) lending program, $21 billion, up from $19.2 billion last year. It also seeks full funding for resource partners, including Small Business Development Centers, SCORE partners, Women's Business Centers and Veterans Business Outreach Centers.
The SBA recently entered into a memorandum of agreement with the National Credit Union Administration, and reached out to CUNA about connecting with more credit unions. The SBA-guaranteed portions of its loans do not count against a credit union's member business lending cap.