April 25, 2014

Senate panel looks this week at McWatters, GSE reform

April 28, 2014 – The Senate Banking Committee is set to vote on the nomination of Mark McWatters to the NCUA Board tomorrow, after which it will turn to consideration of a housing finance reform measure drafted by panel leaders.

The committee, set to meet in executive session, will be taking action on several federal agency nominations, including three for the Federal Reserve Board and two for the Department of Housing and Urban Development. If approved by the committee, these nominations would next be addressed in the Senate, which could vote to confirm them.

Following the votes on the nominations, the panel will proceed to consideration of the draft housing finance reform package proposed by Senate Banking Committee Chairman Tim Johnson, D-S.D., and Ranking Member Mike Crapo, R-Idaho.

NAFCU has met with White House and administration officials several times in recent weeks to discuss housing finance reform. It is pressing for equal, competitive access to the secondary mortgage market for credit unions and has expressed concerns about the cost of the proposed reforms and uncertainty with moving toward a new system. It has also made several specific recommendations with other financial trade organizations to improve the discussion draft.

Also ahead this week:

  • the House Financial Services Subcommittee on Oversight and Investigations will meet tomorrow to authorize subpoenas against three CFPB officials who declined to testify on allegations of discrimination against employees;
  • the House Financial Services Subcommittee on Financial Institutions and Consumer Credit will hold a hearing Wednesday, "Examining How Technology Can Promote Consumer Financial Literacy";
  • the Senate Judiciary Committee may mark-up the anti-patent troll legislation from Chairman Patrick Leahy, D-Vt. – S. 1720 – Thursday during its regularly scheduled meeting, if details are worked out in time.