April 04, 2014

Hearings ahead on regulator oversight, patent reform

April 7, 2014 – NAFCU lobbyists this week will be monitoring a regulator oversight hearing that will evaluate how regulations, including those from NCUA and CFPB, impact economic freedom and another addressing abusive patent demand letters.

Witnesses from NCUA, CFPB, the Federal Reserve Board and other regulators will testify Tuesday in a House Financial Services Committee hearing titled, "Who's In Your Wallet: Examining How Washington Red Tape Impairs Economic Freedom." Other hearing witnesses are from FDIC and the Office of the Comptroller of the Currency.

NAFCU will submit its own written statement to the House Financial Services Committee ahead of the hearing. In that statement, NAFCU will focus on credit unions' concerns over NCUA's risk-based capital proposal. It will also highlight the need for other key regulatory reforms, many of which are included in NAFCU's "dirty dozen" list and reflected in the association's five-point plan for regulatory relief.

NAFCU joined with other financial services trades in issuing a joint statement on "Operation Choke Point" that was submitted to the House Financial Services Committee Thursday night in conjunction with tomorrow's hearing. Operation Choke Point refers to the federal Financial Fraud Taskforce's initiative to go after predatory payday lenders through the banks that do business with them. The trades noted concerns that this program "could seriously deter the natural growth and development of e-commerce and stifle future economic growth."

Also on Tuesday, the House Energy and Commerce Subcommittee on Commerce, Manufacturing and Trade will hold a hearing addressing abusive patent demand letters. The Senate Judiciary Committee will also continue consideration of S. 1720, the "Patent Transparency and Improvements Act of 2013."

NAFCU will also monitor the following hearings on Wednesday:

  • "Legislative Proposals to Enhance Capital Formation for Small and Emerging Growth Companies," by the House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises.
  • "The Biggest Tax Problems for Small Businesses," by the House Small Business Committee, which will examine specific tax issues that affect small businesses.