This week: Congress back, reg relief efforts continue, CFPB’s Mulvaney to testify

Congress is back in session this week and both the House and Senate will hear testimony from CFPB Acting Director Mick Mulvaney as he delivers the bureau’s semiannual report. NAFCU is also continuing its work with Congress on credit union regulatory relief efforts.

The NAFCU-backed Senate regulatory relief bill (S. 2155) is still pending before the House, as is a bipartisan bill that would provide the industry with a two-year delay of the NCUA’s risk-based capital (RBC) rule (H.R. 5288). NAFCU’s Grassroots Action Center has all resources credit unions need to engage with their lawmakers, including contact information and background information on legislative issues. NAFCU encourages credit unions to increase their efforts and contact their legislators to discuss data security, regulatory relief and the NCUA’s RBC rule.

Mulvaney is set to testify before two congressional committees this week – the House Financial Services Committee on Wednesday and the Senate Banking Committee on Thursday. Last week, Mulvaney recommended four statutory changes to the Dodd-Frank Act in order to increase oversight and accountability of the bureau. In his testimony this week, he is likely to further explain his recommendations.

 

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