CUNA engaged with Mulvaney testimonies, hearings this week

April 9, 2018

CUNA will be heavily engaged with Consumer Financial Protection Bureau (CFPB) Acting Director Mick Mulvaney’s appearances before House and Senate committees this week, his first appearances as acting director. Mulvaney is scheduled to appear before the House Financial Services Committee Wednesday at 10 a.m. (ET) and the Senate Banking Committee Thursday at 10 a.m. (ET).

“It’s testimony that’s required under the Dodd-Frank Act, but it does give the opportunity for both Congress and the bureau to engage in a dialogue about what’s going on at the agency,” said CUNA Chief Advocacy Officer Ryan Donovan.

CUNA sent a letter for the record of the House Financial Services hearing Monday, outlining ways bureau actions have harmed consumers, its vision for the agency and other suggestions.

CUNA will also send a letter to the Senate Banking Committee this week for the record of that hearing.

The House is expected to consider several financial services bills this week, including the Stress Test Improvement Act of 2017 (H.R. 4293), the Financial Stability Oversight Council Improvement Act of 2017 (H.R. 4061), and the Volcker Rule Regulatory Harmonization Act (H.R. 4790).

The House is also expected to vote on House Joint Resolution 2, proposing a balanced budget amendment to the Constitution of the United States.

In addition to the Mulvaney hearings, CUNA is engaged with the following hearings this week:

  • Wednesday, 11 a.m. (ET): House Small Business Committee hearing, “The State of Trade for America’s Small Businesses;”
  • Thursday, 10 a.m. (ET): Senate Finance Committee hearing, “The 2018 Tax Filing Season and Future IRS Challenges;”
  • Thursday 10 a.m. (ET): House Financial Services Committee hearing on the oversight off the Federal Housing Finance Agency;
  • Thursday 10 a.m. (ET): House Appropriations subcommittee on financial services and general government hearing on the FY2019 budget request from the IRS.

CUNA is also closely monitoring English v. Trump, the case on the CFPB’s leadership question. Oral arguments are expected to begin Thursday.