Committee Hearings - With the Senate Banking Committee preparing for the release of its regulatory restructuring legislation this week, and the House Financial Services Committee focusing on its budget views and estimate document and debt relief for Haiti, there is only one hearing of note for credit unions this week. On Tuesday, the Senate Banking Committee Subcommittee on Economic Policy will hold a hearing entitled, "Restoring Credit to Main Street: Proposals to Fix Small Business Borrowing and Lending Problems." CUNA will be submitting a statement for the record of this hearing.
A note on the Senate Regulatory Restructuring bill - A new version is expected to be released this week. There has been wide speculation in the media that the draft will abandon an independent CFPA in favor of a consumer protection bureau within the Treasury Department. The details of the proposal have not yet emerged. Further, it is unclear that a deal has actually been reached.
Last Week's Joint Hearing of House Financial Services and Small Business Committees - CUNA's testimony, presented by Ron Covey of St. Mary's Bank Credit Union, was well received by the Committees. No member of the Committees challenged any of the assertions of CUNA testimony. Representative Nydia Velazquez (D-NY), the Chairwoman of the Small Business
Committee, gave the witness the opportunity to emphasize that the chief impediment to additional credit union business lending was not a lack of capital, but rather the statutory MBL cap. Representative Roscoe Bartlett (R-MD) gave an opportunity to reiterate that the MBL cap was a detriment to small business owners and consumers.- View a copy of CUNA's testimony at this hearing.
- View an archived webcast of the hearing.
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