BSA Hearing, Flood Insurance Bills on This Week’s Congressional Agenda

The House and Senate are in session this week and are expected to take up bills related to disaster aid, the National Flood Insurance Program (NFIP) and CFPB before next week’s Memorial Day recess.

The NFIP is set to expire at the end of the month. The House last week passed a short-term extension bill and a broader disaster aid package, both of which would extend the flood insurance program through September. The Senate plans to take up a disaster aid package this week, but the president has expressed opposition to the broader package. The Senate will likely pass the standalone NFIP extension, so the program doesn’t lapse.

The House could vote on legislation (H.R. 1500) that would roll back reforms at the CFPB that were implemented under former Acting Director Mick Mulvaney. One of the provisions would keep the consumer complaint database public, something CUNA and the state leagues oppose because it would make public complaint information that has not been verified. Even if the measure passes the House it is unlikely to pass the Senate. 

Tuesday morning (10 a.m.) the Senate Banking Committee will hear from Financial Crimes Enforcement Network (FinCEN) Director Kenneth Blanco and representatives from the Treasury Department and FBI on efforts to combat illicit finance. The hearing will review the collection of beneficial ownership information.

Also Tuesday morning (10 a.m.), the House Financial Services Committee will conduct an oversight hearing of the Department of Housing and Urban Development.

On Wednesday morning (10 a.m.), the House Financial Services Committee will hear from Treasury Secretary Steven Mnuchin on the state of the international finance system.

Congress begins its Memorial Day recess on Friday and will return the first week of June.