Congress Returns to Hearings on Robocalls, Payday Lending, FI Supervision

The House and Senate return today from a two-week recess. CUNA and the state leagues continue to voice credit unions' concerns on industry issues.

Tuesday morning, a House Energy and Commerce sub-committee will hold a hearing (10 a.m.) on legislation addressing robocalls. CUNA continues to work with the FCC on efforts to modernize the Telephone Consumer Protection Act (TCPA) and is monitoring the TRACED Act (S. 151) as it moves through the Senate. CUNA and the state leagues have shared concerns related to the definition of an autodialer and the need for clarity under the TCPA to ensure credit unions can contact their members without fear of breaking the law. Senate Banking Committee member Sen. Robert Menendez (D-NJ) is a TRACED Act co-sponsor.

Tuesday afternoon the House Financial Services Sub-committee on Consumer Protection and Financial Institutions will hold a hearing (2 p.m.) to consider how to end debt traps in the payday and small dollar credit industries. CUNA has been actively working with the CFPB to expand the Bureau's safe harbor for payday alternative loans (PALs) as the NCUA is currently in the rule-making process of additional PALs options.

Across Capitol Hill on Tuesday, the Senate Committee on Banking, Housing, and Urban Affairs will hold a hearing (10 a.m.) entitled: “Guidance, Supervisory Expectations, and the Rule of Law: How do the Banking Agencies Regulate and Supervise Institutions?”