Monitoring Financial Regulators, Payday Lending Hearings this Week

The House and Senate are in session this week with several hearings of interest to credit unions scheduled.

Tuesday morning the Senate Finance Committee will hold a hearing on challenges in the retirement system.

On Wednesday morning the Senate Banking Committee will hear from NCUA Chairman Rodney Hood, Comptroller of the Currency Joseph M. Otting, FDIC Chairman Jelena McWilliams, and Vice Chair for Supervision, Board of Governors of the Federal Reserve System Randal Quarles to discuss oversight of financial regulators. The same panel will appear before the House Financial Services Committee Thursday morning. Also Wednesday morning, the Senate Appropriations subcommittee will examine the Treasury Department's proposed budget estimates for fiscal year 2020.

On Wednesday afternoon the Senate Committee on Small Business and Entrepreneurship will hold a hearing on the reauthorization of the Small Business Administration's (SBA) innovation programs.

On Thursday afternoon the House Oversight and Reform sub-committee will hold a hearing to examine the CFPB's role in empowering predatory lenders and the proposed repeal of its payday lending rule. CUNA and the state leagues believe regulators must address the problem of predatory payday lenders but the CFPB should at the same time expand its safe harbor to cover NCUA's Payday Alternative Loans (PALs).