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July 14, 2014 – NAFCU will monitor several hearings this week, including two hearings on the Justice Department's Operation Choke Point initiative and others featuring testimony from Federal Reserve Board Chair Janet Yellen.

Yellen will testify before the Senate Banking Committee tomorrow at 10 a.m. on the economy and the Fed's monetary policy making – her second policy report to Congress since she became chair. She will also testify before the House Financial Services Committee on Wednesday. Testifying in February, she said she expected the Fed to continue its current policy on quantitative easing. It has done that in each monetary policy setting session held since, gradually reducing its purchases of agency mortgage-backed securities and Treasuries from $85 billion a month, at the top of "QE3," to $35 billion a month through June.

Minutes from the Federal Open Market's June policy meeting indicated the Fed would likely complete its tapering program in October.

Also tomorrow, the House Financial Services Subcommittee on Oversight and Investigations will hold a hearing on the Choke Point Initiative, which purports to investigate if credit unions and banks allow third-party processors, working on behalf of payday lenders, to illegally access consumer checking accounts.

The House Judiciary Subcommittee on Regulatory Reform, Commercial and Antitrust Law will also hold a hearing on the legal authority of the initiative on Thursday.