This week in Congress: Vote on fiduciary rule delay, CISA

October 27, 2015

WASHINGTON (10/27/15)--House speaker elections, a vote on the U.S. Department of Labor’s (DOL) fiduciary rule and cybersecurity legislation, as well as a subcommittee hearing, are on CUNA’s radar this week when it comes to Congress.

The Senate is expected to vote on the CUNA-supported Cybersecurity Information Sharing Act (CISA), and the House is expected to vote on the CUNA-supported Retailer Investment Protection Act (H.R. 1090).

H.R. 1090 would prevent the DOL from implementing its fiduciary rule, a rule that CUNA has many concerns with. CUNA has written in support of the bill and has outlined concerns with the proposal to the DOL in several comment letters.

The House is expected to vote on H.R. 1090 after Wednesday’s expected election for speaker of the House. Rep. Paul Ryan (R-Wis.) is expected to succeed Rep. John Boehner (R-Ohio) as speaker.

The Senate is expected to vote on CISA anytime this week. CUNA has written in support of the bill itself, calling it a good start, while also pushing for strong legislation that would enact a strong national data security standard.

CUNA’s advocacy efforts helped get a troublesome amendment removed from CISA last week, and the Senate will also vote on several other amendments opposed by CUNA and its partners.

This week, CUNA will also be monitoring a Senate Banking subcommittee on financial institutions and consumer protection hearing in which Carrie Wood, president/CEO of Timberland FCU, DuBois, Pa., will be testifying. Wood will show how various compliance burdens affect her credit union’s operations and member service.

The hearing is scheduled to start at 10 a.m. (ET) Wednesday.

For a deeper look into this week in Congress click the video below, featuring CUNA Chief Advocacy Officer Ryan Donovan.