Legislature, Congress schedule several committee hearings pertaining to CUs

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Both the state Legislature and U.S. Congress this week will hold noteworthy committee hearings pertaining to credit unions.

The New York state Senate will be back in legislative session tomorrow at 3 p.m. The Senate Banks Committee will meet on Wednesday and will take votes and actions on three bills on the agenda.

One of the bills, S.727, includes credit unions within the definition of a bank, trust company or national bank for the purpose of a Banking Development District Program. The New York Credit Union Association supports the legislation and has discussed the bill with lawmakers in recent days. Including credit unions in the Banking Development District Program would be a key victory for New York’s credit unions, which the Association believes are already well-positioned to serve the needs of the state’s underserved communities.

The House Financial Services Committee will meet tomorrow at 10 a.m. to hold a hearing titled “Who’s Keeping Score? Holding Credit Bureaus Accountable and Repairing a Broken System.” Chairwoman Maxine Waters, D-Calif., has two legislative proposals that will be discussed. The first is a discussion draft that would make numerous changes to the existing credit reporting system, including increasing consumer rights to report and appeal credit report disputes. The second proposal is designed to assist federal employees and other consumers adversely impacted by the federal government shutdown by preventing adverse information resulting from a temporary lack of income from ruining their credit profiles.

In the Senate on Tuesday at 10 a.m., Federal Reserve Chairman Jerome Powell will testify before the Committee on Banking, Housing and Urban Affairs. Powell will provide an update on monetary policy and the state of the economy.

Powell will give a similar update on Wednesday at 10 a.m. before the full House Financial Services Committee.

Additionally, the Financial Services Committee’s Subcommittee on Diversity and Inclusion will hold a hearing on Wednesday at 2 p.m. The hearing will examine the trends in diversity in the financial services industry, including management-level diversity and diversity among potential talent pools. The hearing will also explore challenges that financial services firms have identified in trying to increase workforce diversity and practices that firms have used to address such challenges.

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