CUNA watching reg. relief, data security hearings in Congress this week

March 16, 2015

WASHINGTON (3/17/15)--With regulatory relief, data security and patent litigation being addressed in congressional committee hearings this week, Chief Advocacy Officer Ryan Donovan details CUNA's involvement and input in the latest edition of CUNA's "The Weekly Legislative Update."

Foremost is Wednesday's House Financial Services Committee hearing on regulatory relief before which Patrick Miller, president/CEO of CBC FCU, Oxnard, Calif., will testify on CUNA's behalf.

"We hope that this hearing is something of a prelude to committee action in the very near future. It's going to be very similar I think to the hearing the Senate Banking Committee held in February, and we hope that hearing is a prelude for that committee to take action as well," Donovan said regarding the hearing, titled "Preserving Consumer Choice and Financial Independence."

"We will be presenting several regulatory relief proposals, and also trying to help the committee as they tackle the question of what exactly are the burdens facing credit unions and other smaller institutions," he added.

Other hearings of interest this week include:

  • Wednesday, 10 a.m. (ET): House Energy and Commerce subcommittee on commerce, manufacturing and trade, "Discussion Draft of Data Security and Breach Notification Act of 2015." Witnesses will share insights on announced legislation to protect from cyberattacks and safeguard consumer information. CUNA will send a letter for the record this week;
  • Wednesday, 10 a.m. (ET): Senate Committee on the Judiciary, "The Impact of Abusive Patent Litigation Practices on the American Economy." The hearing will feature a discussion of abusive patent demand letters and possible legislation. CUNA is likely to sign a joint coalition letter for the record;
  • Wednesday, 1 p.m. (ET): House Committee on Oversight and Government Reform, "Cybersecurity: The Evolving Nature of Cyber Threats Facing the Private Sector;"
  • Thursday, 9 a.m. (ET) House Select Committee on Intelligence, "The Growing Cyber Threat and its Impact on American Business;"
  • Thursday, 10 a.m. (ET), Senate Committee on Homeland Security and Government Affairs, "Examining Federal Rulemaking Challenges and Areas of Improvement Within the Existing Regulatory Process." Part of a series of hearings, this hearing will examine the rulemaking process, and how the process affects quality, structure, efficiency and accountability;
  • Thursday, 10 a.m. (ET), Senate Banking Committee, "Examining the Regulatory Regime for Regional Banks." Representatives from the Office of the Comptroller of the Currency, Federal Deposit Insurance Corp. and Federal Reserve Board of Governors will serve as witnesses; and
  • Thursday, 10 a.m. (ET), Senate Small Business Committee, "Patent Reform: Protecting Innovation and Entrepreneurship." CUNA will likely send a letter for the record for this hearing.

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