WASHINGTON – The House and the Senate today will hold the first of several hearings this week of interest to credit unions. First up: The House Financial Services Committee is holding a hearing on “Systemic Risk: Examining Regulators’ Ability To React To Threats In The Financial System.” On the heels of the House approving legislation to reform flood insurance last Friday, the Senate Banking Committee is holding a hearing on the same issue today. Later this week, the Senate Banking Committee will examine the regulation and supervision of industrial loan companies (ILCs), which have been chartered by a number of retailers in order to expand into financial services.
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