Feb. 13, 2013 – The Senate Banking Committee will “closely monitor” mortgage originations, appraisals, interaction with the CFPB and risk management issues affecting credit unions and community banks during the 113th Congress, panel Chairman Tim Johnson, D-S.D., said Tuesday.
Johnson released an agenda Tuesday that presents issues according to subcommittee jurisdiction. The above-noted credit union concerns are under jurisdiction of the Senate Banking Subcommittee on Financial Institutions and Consumer Protection.
Besides the above, the subcommittee also plans to continue its review of examination policies of depository institution regulators with an eye toward ensuring a balance between matters of institution soundness, consumer protection and prudent lending. Financial data security will continue to be an area of focus, the agenda shows.
Johnson late Monday announced subcommittee assignments, including the assignments of freshman Sen. Elizabeth Warren, D-Mass., and Sen. Joe Manchin, D-W.Va., to subcommittees with jurisdiction over financial institutions and housing policy. NAFCU maintained a dialogue with Warren, the chief architect of the CFPB, during her tenure as the administration’s point person on the bureau. It worked with Manchin during the push for S. 3394, enacted last year to eliminate the dual ATM requirement on fee disclosures and include the CFPB among the agencies required to keep privileged information confidential. Manchin cosponsored the NAFCU-backed measure.
The Senate Banking Committee has five subcommittees. Chairmen and ranking members, also friends of credit unions, include:
- Housing – Chairman Robert Menendez, D-N.J., and Ranking member Jerry Moran, R-Kan.
- Financial institutions – Chairman Sherrod Brown, D-Ohio, and Ranking Member Patrick Toomey, R-Pa.
- Securities, Insurance and Investment – Chairman Jon Tester, D-Mont., and Ranking Member Mike Johanns, R-Neb.
- National Security – Chairman Mark Warner, D-Va., and Ranking Member Mark Kirk, R-Ill.
- Economic Policy – Chairman Jeff Merkley, D-Ore., and Ranking Member Dean Heller, R-Nev.
View the Senate Banking membership list.