Nomination Votes, Hearings on Data Security, CDFI Program and SBA Lending This Week

The House and Senate return to Washington this week. Committees are holding a number of hearings relevant to credit unions and the Senate Banking Committee is set to advance the nominations to NCUA Board and Federal Housing Finance Agency (FHFA) director.

The Senate Banking Committee will vote Tuesday on the nominations of Rodney Hood and Todd Harper to the NCUA Board, as well as Dr. Mark Calabria to lead the FHFA. Once approved by the committee, the nominations will advance to the full Senate for confirmation. The nomination votes will happen ahead of a hearing at which Federal Reserve Chairman Jerome Powell will deliver the Fed’s semi-annual monetary policy report to Congress. The hearing is set to begin at 10 a.m.

Hood, Harper and Calabria testified before the committee on February 14. During the hearing, both Hood and Harper said they would work to ensure the safety and soundness of the credit union industry if confirmed to serve on the NCUA Board. They also discussed the importance of increasing access to affordable financial services in rural communities and for unbanked and underbanked communities.

Their testimony and archived video of the hearing is available here.

Also tomorrow, the House Financial Services Committee will hold a hearing focused on holding credit bureaus accountable and a House Energy and Commerce sub-committee will hold a hearing on protecting consumer privacy in the era of big data.

Wednesday, the Senate Commerce Committee will hold a hearing on policy principles for a federal data privacy framework.

A House Appropriations sub-committee Tuesday will hold a hearing on Community Development Financial Institutions (CDFIs). Throughout government funding discussions, CUNA and the state leagues urged Congress to fully fund the CDFI program.

Wednesday, the House Small Business Committee will hold a hearing on the Small Business Administration's programs to encourage entrepreneurship. Many credit unions use SBA programs to provide loans to small businesses.