March 03, 2014

Senate Banking postpones McWatters hearing

March 4, 2014 – Monday's fresh snowfall in Washington forced delays in some activities, including a hearing where Mark McWatters had been scheduled to testify on his nomination to the NCUA Board.

The Senate Banking Committee had been set to hear from McWatters and four other federal agency nominees – three for the Federal Reserve Board, another for the Department of Housing and Urban Development – at 10 a.m. today. The hearing was postponed. If he wins Senate confirmation, McWatters would have an NCUA Board term lasting through Aug. 2, 2019.

Also ahead this week are two House subcommittee hearings on data security and, among other things, possible House action on H.R. 3370, a NAFCU-supported measure to delay hikes in flood insurance premiums under the 2012 Biggert-Waters Flood Insurance Reform Act. NAFCU lobbyists will be on the Hill this week monitoring these and other activities having an impact on credit unions.

Hearings ahead are as follows:

  • A hearing on current efforts to protect Americans' financial information is slated Wednesday by the House Financial Services Subcommittee on Financial Institutions and Consumer Credit. 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.
  • A hearing on how well current technology can protect Americans from international cybercriminals is slated Thursday by the House Science, Space and Technology Subcommittees on Research and Technology and Oversight. Witnesses are from the Payment Card Industry Security Standards Council LLC, Smart Card Alliance and others.
  • The growth and impact of financial regulations on international competitiveness is slated Wednesday by the House Financial Services Committee.
  • The Senate Finance Committee will hold a hearing Wednesday to review President Obama's budget proposals for fiscal year 2015; a similar hearing is slated Thursday by the House Ways and Means Committee. Treasury Secretary Jack Lew is scheduled to testify.