This week: Congress returns, CFPB, Fed leaders to testify

Congress returns to Washington, D.C. today with both chambers’ versions of the FY National Defense Authorization Act on the agenda, although it is unclear if each will have the votes to tackle the bills this week.

The House did not make any financial services amendments impacting credit unions in order under the rule that advanced out of the Rules Committee before the recess. 

The Senate has had hundreds of amendments filed for floor consideration, and that process will continue this week. America’s Credit Unions weighed in on several of them that impact credit unions last week.

Also on Capitol Hill, acting CFPB Director Russell Vought will testify before the House Financial Services Committee Wednesday and the Senate Banking Committee Thursday. Federal Reserve Board Chairman Kevin Warsh will appear before the House Financial Services Committee Tuesday and the Senate Banking Committee Wednesday.

The House Financial Services Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence will also host a field hearing on the CLARITY Act at New York City’s Federal Hall Friday.

Regulatory comment deadlines this week include:

• Today, comments are due on a joint proposal from federal agencies on revising the Guidance for Federal Financial Assistance related to grant management, cooperative agreements, and other forms of assistance; and 
• Friday, comments are due on NCUA’s proposal implementing portions of the GENIUS Act to govern issuance of payment stablecoins and certain related activities by entities subject to the NCUA's jurisdiction.