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Today, CFPB Director Richard Cordray is set to report on the bureau before the House Financial Services Committee, and Treasury Department nominee Amias Gerety is slated to testify on his nomination before the Senate Banking Committee.

Cordray will deliver a semiannual report on the state of his bureau before the House Financial Services Committee at 10 a.m. Eastern. Cordray last testified before the House committee in March.

Given the committee's mark-up of several regulatory relief bills on Wednesday, including H.R. 1266, which would replace the CFPB director post with a bipartisan commission, Cordray is expected to be questioned about his singular authority over the bureau and what CFPB is doing to help ease the regulatory burden on financial institutions. With the Truth in Lending Act and Real Estate Settlement Procedures Act integrated disclosures (TRID) rule taking effect Saturday, Cordray is also expected to be asked about implementation actions.

Ahead of the hearing, NAFCU sent a letter to House Financial Services Chairman Jeb Hensarling, R-Texas, and Ranking Member Maxine Waters, D-Calif., urging the committee to press CFPB to provide greater regulatory relief to credit unions by greater use of its exemption authority and to act on pending legislation that improves the structure and processes of the bureau.

In that letter, NAFCU Vice President of Legislative Affairs Brad Thaler noted the association's opposition to credit unions being under the bureau's authority and listed some of the CFPB issues NAFCU is monitoring, including TRID implementation, overdraft and Home Mortgage Disclosure Act rules.

Gerety, nominated to be assistant secretary for financial institutions at the Treasury Department, will be before the Senate Banking Committee today to discuss that nomination; this too is slated for 10 a.m. Eastern. Last year, Gerety met with NAFCU's top advocacy representatives for a discussion of credit unions' concerns with NCUA's first risk-based capital proposal.