February 28, 2014

McWatters, data security hearings ahead

March 3, 2014 – NAFCU will closely follow two hearings coming up early this week: the Senate Banking Committee's hearing tomorrow with NCUA Board nominee Mark McWatters, and another Wednesday by the House Financial Services Committee on data security.

McWatters, nominated Jan. 7 by the president to succeed Michael Fryzel on the NCUA Board, will testify along with four other federal agency nominees. If he is confirmed by the Senate, he will be sworn in to a term lasting through Aug. 2, 2019. Other nominees in Tuesday's hearing include Federal Reserve Board nominees Stanley Fischer, Jerome Powell and Lael Brainard (Fischer has also been nomimated to be Fed vice chairman); and Gustavo Velasquez Aguilar, nominated as an assistant secretary for the Department of Housing and Urban Development.

Wedneday's data security hearing on the House side will examine current efforts to protect Americans' financial information. Witnesses from the U.S. Secret Service, PCI, FS-ISAC, TCH Payments Co. and the U.S. Public Interest Research Group are slated to testify.

Also this week:

  • The House Financial Services Committee will hold a hearing tomorrow on the growth and impact of financial regulations on international competitiveness.
  • The Senate Finance Committee will hold a hearing Wednesday to review President Obama's budget proposals for fiscal year 2015. Treasury Secretary Jack Lew will testify. Ways and Means Committee Chairman Dave Camp, R-Mich., plans a similar hearing for Thursday.