NCBA Advocacy Update: What's Up in Washington
With most of President Biden’s nominees to head the agencies confirmed (except for OCC, CFPB, CFTC, and FHFA), we expect the pace of rulemaking to accelerate in Q3 and Q4 of this year and culminate in several proposed rules around the fall timeframe. NCBA continues to be in contact with key staff at the CFPB with regards to member questions, future education offerings to our membership, and more.
We are still awaiting the news of the Debt Collection Rules effective date. We heard whispers last week that the CFPB’s release of a decision on the pending request for a 60-day extension is imminent.
On the legislative side of things, it is crunch time in Washington with only a few weeks before Congress is set to break for the month-long August recess. With infrastructure talks still underway, both Senate Majority Leader Schumer (D-NY) and House Speaker Pelosi (D-CA) have prepared their caucuses to work through the nights and weekends. It is still unclear whether the Senate will be able to advance infrastructure legislation prior to the August recess. Numerous challenges remain, and there is a possibility of a delayed, modified or cancelled August recess.
Of interest to the creditors rights industry and the clients/creditors, the Senate Banking Committee (SBC) will hold five additional hearings during the work period before departing for the recess. The various hearings will focus on regulatory oversight, pandemic insurance, climate change, federally assisted housing, and a federal interest rate cap proposal. Finally, we anticipate the SBC will formally discharge the nomination of Rohit Chopra to free up a possible Senate floor vote for his CFPB Director nomination before the August recess. The SBC has been surprisingly slow to date to discharge, but recent intel suggests likely action soon.
Despite the fact the House is only in session for two full weeks in the month of July, House Financial Services Committee (HFSC) Chairwoman Waters (D-CA) scheduled eight hearings and a full committee markup for the July work period, three of which occurred last week.
HFSC will begin this week with an oversight hearing for the Department of Housing and Urban Development (HUD). The remainder of the month consists of Subcommittee-level hearings focused on a variety of priority issues for Chairwoman Waters (D-CA). First on the docket is a hearing focused on efforts to expand financial inclusion.
NCBA appreciates all the support we have received from members, vendors, and our clients the past 16 months. Please take a moment to recognize the generosity of our community that has helped us ensure a strong, consistent, and constant voice for our industry in Washington. Thank you to all our generous Advocacy Support Fund and NCBA PAC Donors!
Should you have any questions or comments regarding these or other Advocacy related matters, please feel free to e-mail [email protected].