Reg. relief, regulatory oversight hearings on Congress’ July agenda

June 30, 2015

WASHINGTON (6/30/15)--Credit unions are encouraged to contact their legislators over the July 4 congressional district work session, since Congress will be quite busy upon their return leading up to the August recess. Regulatory relief, appropriations bills and the fifth anniversary of the Dodd-Frank Act could all lead to a busy month in Congress.

CUNA has testified a number of times in recent months on the need for regulatory relief, and has submitted letters for the record at hearings and written letters of support for legislation that would ease the burden for credit unions.

Since the start of the financial crisis, credit unions have been subjected to more than 190 regulatory changes from nearly three dozen federal agencies, totaling close to 6,000 pages in the Federal Register.

Items that could potentially be on the Congressional agenda in July include:

  • Senate Banking Committee and House Financial Services Committee hearings related to the five-year anniversary of the Dodd-Frank Act and the Consumer Financial Protection Bureau (CFPB), featuring bureau Director Richard Cordray;
  • Potential consideration by the House of the Financial Services and General Government Appropriations Bill, which could give the chamber a chance to debate bringing the CFPB under the appropriations process;
  • At least one full committee markup from the House Financial Services Committee on regulatory relief legislation; and
  • A series of hearings focused on oversight of the Federal Reserve and other financial regulators.