Sept. 20, 2012 – NAFCU will be paying close attention to a House Financial Services Committee hearing today featuring testimony from Consumer Financial Protection Bureau Director Richard Cordray on the bureau’s activities this year.
Cordray will be speaking about the CFPB’s second semiannual report on CFPB activities, the same focus of a Senate Banking Committee hearing last week. At that hearing, Cordray told lawmakers that the agency is taking more time to promulgate a rule on how to define a qualified mortgage under the Dodd-Frank Act.
NAFCU will also be monitoring two other hearings today: a joint hearing by the House Ways and Means and Senate Finance Committees examining capital gains in the context of comprehensive tax reform and a House Small Business Committee hearing examining the threat of sequestration to small businesses.
On Sept. 13, the House approved a continuing resolution that would fund the government through March 27. If passed by the Senate as NAFCU expects, Congress will have a little more time to resolve issues relating to sequestration.