With both the House and Senate in session this week, lawmakers have a number of hearings on deck that credit unions will be keeping a close eye on.
The week’s most high-profile testimony is likely to come from CFPB Director Kathy Kraninger, who will issue her first report card to the House Financial Services Committee on Thursday. In its semiannual review of the CFPB, the House will hear from Kraninger on the agency’s priorities for the coming year. Past semiannual reviews have focused on significant rules and orders issued by the CFPB, CFPB updates and the agency's budget.
The committee will also meet Wednesday to discuss the budget for the 2020 fiscal year.
The big-ticket item for Monday is the first Financial Accounting Standards Board meeting that will discuss credit loss. FASB's meetings will continue on Tuesday and Wednesday, where the body will discuss FASB projects and SEC disclosures respectively.
In its first meeting of the year, the Financial Stability Oversight Council on Wednesday will look into proposed amendments on non-bank financial company designations. The body will also discuss nonfinancial corporate credit. Secretary Steven Mnuchin will preside over the meeting at the Treasury Department.
The House Judiciary Committee on Tuesday will consider several nominations, while a hearing of the Subcommittee on Antitrust, Competition Policy and Consumer Rights will focus on the extent to which monopolies present a problem for the U.S. economy. A panel of law and policy professors will deliver their thoughts on the subject.
Other key items this week include:
• The House Labor, Health and Human Services, and Related Agencies subcommittee will hold a discussion on student borrowers and loan servicing
• Hearings in both the House and Senate Small Business Committees will examine the benefits small businesses provide in their respective communities.
• The House Subcommittee on Transportation, Housing and Urban Development and Related Agencies will convene to discuss affordable housing issues.
