Two credit union officials will testify Thursday before the House Financial Services Subcommittee on Oversight and Investigations on the Dodd-Frank Act.
The hearing is one of several this month that aim to review Dodd-Frank’s impact on markets and consumers upon the legislation’s two-year anniversary.
Lynette Smith, CEO of the $87 million Washington Gas Light FCU of Springfield, Va. and Deyanira Del Rio, board chair of the $33 million Lower East Side People’s FCU Union of New York City and vice-chair of the National Federation of Community Development Credit Unions, will testify at the 10 a.m. session titled “Who’s In Your Wallet? Dodd-Frank’s Impact on Families, Communities and Small Businesses.”
At 2 p.m. Thursday, the House Financial Services Subcommittee on Financial Institutions and Consumer Credit will again investigate Dodd-Frank, with a hearing titled “The Impact of Dodd-Frank on Consumer Choice and Access to Credit.” At this time, the only witness scheduled to appear is Consumer Financial Protection Bureau Deputy Director Raj Date.
While the hearings are routine for Congress to review legislation and its impact, CUNA Senior Vice President of Legislative Affairs Ryan Donovan said the Dodd-Frank themed hearings provide the credit union industry an opportunity to “reinforce credit union concerns.”
Specifically, Donovan said CUNA is pushing for language that would exclude credit unions from regulations that have come out of Dodd-Frank; namely, CFPB regulations on remittances and mortgages.
Smith, who will appear on behalf of NAFCU, testified last year on the growth in credit unions’ regulatory burden due to activities of the CFPB.
