Staying engaged on a federal level is a dizzying role; there are multiple issues from a legislative as well as regulatory perspective. This week was no exception with multiple hearings, bills and debate. On the full House floor there were not one, but two financial literacy bills: H.Res. 327, a bill “Encouraging greater public-private sector collaboration to promote financial literacy for students and young adults,” as well as H.Res. 328, legislation “Supporting the protection of elders through financial literacy.” But as with the state Legislature, the real action is in the committees, where bills are shaped, and the interests of the industry are addressed to protect and advance credit unions. This week:
- On April 30th the House Committee on Financial Services met on assessing the housing situation and infrastructure needs;
- On April 30th the Senate Banking, Housing and Urban Affairs Committee discussed how banking regulatory agencies supervise institutions;
- On April 30th the House Committee on Financial Services Subcommittee on Consumer Protection and Financial Institutions debated payday and small-dollar lending, with a focus on ending the cycle of debt;
- On May 1st the House Committee on Financial Services Subcommittee on Oversight and Investigations met to examine auto loan and insurance practices, with a focus on discrimination;
- On May 1st the Senate Commerce, Science and Transportation met to discuss policy for federal data privacy; and
- On May 1st the House Committee on Financial Services Subcommittee on Diversity and Inclusion met to discuss the business case for such diversity/inclusion practices.
Ahead of these hearings CUNA sent letters for the record to address concerns, policy positions, and protect the ability of credit unions to serve their members today and into the future.