The House and Senate convene today at noon and 3 p.m., respectively.
Congressional appropriators are aiming to finish writing the FY 2018 omnibus spending bill this week. They are hoping to introduce the package early next week, which will give them several days to debate and pass the legislation before the March 23 government-funding deadline.
Here’s what is in store for the week:
Bills Under Consideration. Lawmakers will vote on the following financial services bills:
- H.R. 4607 – the Comprehensive Regulatory Review Act would expand the required comprehensive review of financial regulatory requirements. The review must be completed by the Federal Financial Institutions Examination Council, CFPB, NCUA, OCC, FDIC, and Federal Reserve Board. The review must be conducted every 7 years and regulators must consider tailoring regulations to limit specified burdens.
- H.R. 2226 – the Portfolio Lending and Mortgage Access Act would, among other things, modify provisions related to residential mortgage loans. In general, a creditor that is a depository institution shall not be subject to suit for violating specified ability-to-pay requirements with respect to a residential mortgage loan if: (1) the creditor has consistently held the loan on its balance sheet, and (2) prepayment penalties associated with the loan comply with specified limitations.
- H.R. 4725 – the Community Bank Reporting Act would require short form call reports for certain depository institutions.
- H.R. 4768 – the bill would require the president to develop a national strategy to combat the financial networks of transnational organized criminals.
FY 2019 Appropriations. The House Appropriations Committee will hold subcommittee hearings Tuesday and Wednesday on the FY 2019 budget requests of the Treasury, CFTC, and Department of Labor.
Financial Services Hearings. The House Financial Services Committee will hold subcommittee hearings this Wednesday on H.R. 5059, the State Insurance Regulation Preservation Act; and on legislative proposals to reform the current data security regulatory regime.
Crapo’s Banking Bill. The Senate will take up consideration of S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act – a bill that aims to ease regulatory burdens for small financial institutions such as credit unions, community banks, and regional banks. The bipartisan measure would also improve access to mortgage credit and consumer protections for veterans and victims of fraud. Senate Banking Chairman Mike Crapo is planning to insert additional provisions to the bill via a manager’s amendment. These provisions are expected to include a number of minor bills that have already cleared the House. The cloture vote is scheduled for Tuesday. Barring any last-minute controversial additions, passage is expected by the end of the week. A summary of the bill can be viewed here.
Nominations. The Senate will vote on three judicial nominations today:
- Karen Scholer to be U.S. District Judge for the Northern District of Texas
- Tilman Eugene Self III to be U.S. District Judge for the Middle District of Georgia
- Terry Doughty to be U.S. District Judge for the Western District of Louisian
E-commerce Hearing. The Senate Finance Committee will meet Tuesday to discuss how to protect e-commerce consumers from counterfeits.
- House Appropriations Committee. Subcommittee hearing on the Treasury Department’s FY 2019 budget request. Secretary Mnuchin to testify.
- House Appropriations Committee. Subcommittee hearing on the Labor Department’s FY 2019 budget request. Secretary Acosta to testify.
- Senate Finance Committee. Full committee hearing on “Protecting E-commerce Consumers from Counterfeits.”
- House Financial Services Committee. Markup of FY 2019 budget views and estimates.
- House Transportation Committee. Hearing to examine the administration’s infrastructure proposal.
- House Transportation Committee. Subcommittee hearing on “Building a 21st Century Infrastructure for America: Long-Term Funding for Highways and Transit Programs.”
- House Appropriations Committee. Subcommittee hearing on the CFTC’s FY 2019 budget request with Chairman Chris Giancarlo testifying.
- Joint Economic Committee. Hearing on “The Economic Report of the President” with Council of Economic Advisers Chairman Kevin Hassett testifying.
- House Financial Services Committee. Subcommittee meeting to discuss H.R. 5059, the State Insurance Regulation Preservation Act.
- House Financial Services Committee. Subcommittee hearing on “Legislative Proposals to Reform the Current Data Security and Breach Notification Regulatory Regime.”