CUNA Engaged with Mark-up, Hearings on Data, Homeownership

With both chambers of Congress in sessions this week, CUNA is engaged with several hearings and a mark-up by the House Financial Services Committee.

The House Financial Services Committee will mark-up a series of bills Wednesday afternoon beginning at 2 p.m. The legislation includes the Corporate Transparency Act of 2019 (H.R. 2513), the Coordinating Oversight, Upgrading and Innovating Technology and Examiner Reform (COUNTER) Act (H.R. 2514).

The COUNTER Act would make several changes to the Bank Secrecy Act (BSA) oversight and compliance regime, including authorizing financial institutions to share BSA data with certain affiliates, and codifying financial regulators’ guidance enabling community financial institutions to share training and technology resources.

H.R. 2513 would require corporations and limited liability corporations (LLCs) to disclose true “beneficial owners” to the Treasury’s Financial Crimes Enforcement Network (FinCEN) at the time the company is formed. Rep. Tom Malinowski (D-7) is a cosponsor of the bi-partisan measure.

Hearings CUNA is engaged with this week include:

  • Tuesday (10:00 a.m.): Senate Banking Committee hearing, “Privacy Rights and Data Collection in a Digital Economy;”
  • Tuesday (2:30 p.m.): Senate Appropriations sub-committee on financial services and general government hearing, “Review of the FY2020 Budget Request for the Federal Communications Commission and the Federal Trade Commission;”
  • Wednesday (10:00 a.m.): Senate Foreign Relations Committee hearing, “Review of the FY 2020 USAID Budget Request;”
  • Wednesday (10:00 a.m.): House Financial Services sub-committee on housing, community development and insurance hearing, “A Review of the State of and Barriers to Minority Homeownership;”
  • Wednesday (10:30 a.m.): House Energy and Committee sub-committee on consumer protection and commerce hearing, “Oversight of the Federal Trade Commission: Strengthening Protections for Americans' Privacy and Data Security;”
  • Thursday (10:00 a.m.): House Ways and Means Committee hearing, “Understanding the Tax Gap and Taxpayer Noncompliance.”