WASHINGTON (12/9/14)--Should the U.S. Senate fail to pass the Regulation D Study Act before adjourning for the year, the Credit Union National Association remains confident that the Government Accountability Office (GAO) will still conduct the study.
The House passed the CUNA-supported bill, H.R. 3240, last week with a 422-0 vote.
"There are a number of ways to get a GAO study. Any member of Congress can request one; if a committee leader requests one, there's a higher chance it gets done," said Ryan Donovan, CUNA senior vice president of legislative affairs. "And if it goes to the full House and gets voted on, the chances are higher still.
"The bill passed last week on a very strong vote out of the House so we're going to be working with the sponsors, regardless of whether the Senate passes this bill, to get the GAO to do the report," he added. Both the House and Senate are expected to adjourn for the year at the end of this week.
The Reg D legislation would direct the GAO to study reforms to the Federal Reserve's Reg D--rules that set monetary reserve requirements at depository institutions--and which could lead to a fix of the rule's arbitrary limit of six transfers per month from a savings account.
CUNA has advocated for the bill since 2012, testified in favor of it this summer and wrote to legislators expressing support for the bill. Rep. Robert Pittenger (R-N.C.), sponsor of the bill, cited CUNA's support when he introduced the bill for the vote last week.
Also in Congress this week, the Senate Banking Committee will conduct two hearings of interest to financial institutions. Today the housing, transportation and community development subcommittee will hear "Inequality, Opportunity and the Housing Market." The hearing will consist of housing finance witnesses, including real estate representatives, fair housing officials and housing policy experts, and is scheduled to begin at 11 a.m. (ET).
On Wednesday, the full committee will conduct a hearing titled "Cybersecurity: Enhancing Coordination to Protect the Financial Sector." Witnesses at the hearing will include government officials from a variety of agencies tasked with improving the country's cybersecurity infrastructure.
Congress is expected to adjourn for the year Friday.