May 16, 2014

House eyes defense bill, CFPB discrimination claims

May 19, 2014 – The House is set to vote on the 2015 National Defense Authorization Act this week, and a House Financial Services subcommittee will hear testimony from subpoenaed CFPB officials on Wednesday regarding claims about workplace discrimination at the agency.

Earlier this month, the House Armed Services Committee voted to preserve troop pay raises and benefits despite reductions urged by the Department of Defense to meet its required defense cuts as sequestration savings run out. NAFCU will monitor the bill's progress for developments affecting credit unions.

The House subcommittee's investigation into CFPB workplace issues was prompted by reports published in American Banker that cited a pattern of ranking white employees higher than minority employees, as well as accusations of a hostile work environment. The Subcommittee on Oversight and Investigations will hear from two CFPB managers during its hearing titled "Allegations of Discrimination and Retaliation within the Consumer Financial Protection Bureau, Part Two," on Wednesday morning.

NAFCU will monitor these and other developments on Capitol Hill this week, including:

  • a House Financial Services Subcommittee on Financial Institutions and Consumer Credit hearing on "Legislative Proposals to Improve Transparency and Accountability at the CFPB";
  • a House Financial Services Committee hearing on "Examining the Dangers of the [Financial Stability Oversight Council's] Designation Process and its Impact on the U.S. Financial System";
  • a Senate Finance Subcommittee on Social Security, Pensions and Family Policy hearing on "Strengthening Social Security to Meet the Needs of Tomorrow's Retirees"; and,
  • a House Energy and Commerce Subcommittee on Commerce, Manufacturing and Trade hearing on draft legislation to address abusive demand letters claiming patent infringement, and the potential markup of comprehensive patent reform legislation in the Senate Judiciary Committee.