October 22, 2013

CFPB reform, reg burden hearings postponed

This week's scheduled House subcommittee hearing on reforming the CFPB has been postponed until Oct. 29 as lawmakers prepare to attend memorial services Thursday for the late Rep. C. W. Bill Young, R-Fla., who died Oct. 18.

At the time of his death, Young was the longest-serving Republican member of Congress, having served in the House since 1971. Funeral services will be held in Largo, Fla., tomorrow afternoon.

Lynette Smith is set to testify on behalf of NAFCU during the Oct. 29 hearing, which will be held by the House Financial Services Subcommittee on Financial Institutions and Consumer Credit and will be on legislative proposals to reform the CFPB. Smith is president and CEO of Washington Gas Light FCU in Springfield, Va., and will discuss previous NAFCU-supported proposals to reform the agency. Among those are proposals to change CFPB structure, to give the Financial Stability Oversight Council more power to veto CFPB rules, and for the agency to better protect sensitive data it collects.

A hearing on the regulatory burden before the House Small Business Subcommittee on Investigations, Oversight and Regulations has also been postponed, with no new date announced as of press time.