Numerous Capitol Hill Hearings of Interest to Credit Unions This Week

The House and Senate are in session this week, and the House Financial Services Committee is set to hold a mark-up Wednesday on a number of bills that could impact credit unions. CUNA will monitor the mark-up, as well as other hearings on issues including data privacy, minority homeownership, and small business entrepreneurship.

The House Financial Services Committee mark-up is scheduled to for Wednesday afternoon. The committee is expected to discuss two credit union-supported bills related to Bank Secrecy Act/Anti-Money Laundering (BSA/AML) reforms. One would make changes to AML safeguards and the other would require corporations to disclose more information about their owners. The beneficial ownership bill was introduced on Friday.

A Senate Banking Committee hearing Tuesday morning will focus on privacy rights and data collection. CUNA and the state leagues continue to call for a strong national data security standard and have noted that a major aspect of consumer privacy is ensuring the security of personal financial data.

The CFPB will hold a Town Hall meeting Wednesday in Philadelphia on debt collection.

Also on Wednesday morning, a House Financial Services subcommittee will hold a hearing on barriers to minority homeownership and a House Energy and Commerce subcommittee is holding an oversight hearing on the FTC, including protections for consumers' privacy and data security.

On Wednesday afternoon, the Senate Special Committee on Aging will hold a hearing on protecting elder Americans.

Thursday morning, a House Small Business subcommittee will hold a hearing on technology's impact on entrepreneurship.

The House could also take up a disaster aid bill this week that includes language to extend the National Flood Insurance Program through Sept. 30. The program is currently set to expire at the end of May.