Federal Legislative Update
Posted by Ben Shuey on June 30, 2020
On Monday evening the House passed a resolution to overturn the Office of the Comptroller of the Currency’s recent overhaul of the Community Reinvestment Act — the landmark, anti-redlining law — under the Congressional Review Act by a party line 230-179 vote. Though the Senate is unlikely to pass a similar action there is additional opposition from community groups including the National Community Reinvestment Coalition are also suing the OCC over the rule.
In addition, the House in a 234-179 vote passed a bill that would force credit reporting companies to set up an online portal for consumers to access unlimited free credit scores and reports. As was stated in an industry letter to the Hill last week, “While the legislation may be well-intentioned, we oppose H.R. 5332 because the expansion of private rights of action and allowing courts to award injunctive relief could increase the frequency of meritless lawsuits under the Federal Credit Reporting Act (FCRA). When entities are subject to frivolous litigation, resources are distracted from providing services, increasing the cost of service to all consumers.
Today the House considered a very large partisan infrastructure package that is not likely to advance in the Senate. While the Senate considered the National Defense Authorization Act, with language not supported by credit unions. We will stay closely engaged with the NDAA process as it advances in the House and work closely with our Northwest leaders.
Along with a number of key hearings the Senate Banking Committee held a fascinating hearing this morning on the digitization of the U.S. currency, you can listen to a recording here.
The House and the Senate are currently scheduled to recess and work back in the district until mid July when they will come back and continue moving appropriations bills and likely tackle phase 4 legislation.
Posted in Advocacy on the Move.