ESIGN Modernization markup, FHFA COVID-19 hearing this week

September 14, 2020

The House and Senate are in session this week, and CUNA will be engaged in a number of hearings and a Senate Committee markup. CUNA Chief Advocacy Officer Ryan Donovan also offers the latest on COVID-19 relief legislation and more in this week’s Advocacy Update video.

The Senate Commerce Committee is scheduled to conduct a markup Wednesday of several bills, including the CUNA-supported E-SIGN Modernization Act (S. 4159). The bill would remove the requirement in the Electronic Signatures in Global and National Commerce Act requiring consumers to reasonably demonstrate their ability to access information electronically prior to consenting to electronic records.

Other hearings CUNA is engaged with this week include:

  • Wednesday, noon (ET): House Financial Services Committee hearing, “Prioritizing Fannie's and Freddie's Capital over America's Homeowners and Renters? A Review of the Federal Housing Finance Agency's Response to the COVID-19 Pandemic;” and
  • Thursday, noon (ET): House Financial Services subcommittee on investor protection, entrepreneurship and capital markets hearing, “Insider Trading and Stock Option Grants: An Examination of Corporate Integrity in the COVID-19 Pandemic.”

In this week’s Advocacy Update, Donovan details CUNA’s recent advocacy with the U.S. Supreme Court on the Telephone Consumer Protection Act and letters on Qualified Mortgages, diversity equity and inclusion and the Covered Business Method.

Donovan also notes that the Senate did not pass its “skinny” COVID-19 relief bill last week.

“The Senate failed to pass targeted COVID-19 relief bill. This puts in doubt whether Congress will take any action prior to the election to further address the pandemic or economic fallout,” he said. “Discussions may continue between now and the end of the month and there may be attempts to move small pieces of recovery legislation, like Paycheck Protection Program loan forgiveness.”

The full video can be found below.