House Members Introduce Legislation to Lift MBL Cap During Crisis

Two House members have introduced legislation that would lift the member business lending cap during the pandemic in an effort to allow credit unions to make more loans during the economic crisis.

Reps. Brad Sherman (D-Calif.) and Brian Fitzpatrick (R-Pa.) introduced legislation Monday that would lift the cap of 12.25% for up to one year after the national emergency has ended. The exemption prohibits any business loan that would undermine the safety and soundness of a credit union.

Luetkemeyer to Remain as Ranking GOP Member on House Subcommittee

Earlier this month it was announced that Rep. Ed Perlmutter (D-Colo.) will be chairman of the House Consumer Protection and Financial Institutions Subcommittee and now the Republicans have designated Rep. Blaine Lutkemeyer (R-Mo.) as the ranking Republican on that committee. Lutkemeyer’s position is of interest to credit unions as his family owns a community bank. On the Senate side, Sen. Sherrod Brown (D-Ohio) will be chairman of the Banking Committee and the ranking Republican will be Sen. Pat Toomey (R-Pa.). Priorities may be changing on the Senate side.

Credit Union, Anti-Corruption Groups Pleased With Override of Defense Bill

Congress overrode President Trump’s veto of the 2021 defense authorization bill, meaning that credit unions, but not banks, will continue to have free rent on military bases next year. Also in the bill and becoming law are anti-money laundering provisions that require information on beneficial owners of companies to be collected and then kept by the Treasury Department for use by law enforcement.

Final Stimulus, Spending Bill Includes Big Boost for CDFIs, Extension of CLF Provisions

Congress is preparing to pass legislation that contains a $12 billion set-aside for the Community Development Financial Institutions program, and extensions of the Paycheck Protection Program, the Troubled Debt Restructuring provisions, and the pandemic-related provisions of the National Credit Union Administration’s Central Liquidity Facility. Congress is combining the coronavirus economic stimulus bill and the FY21 omnibus appropriations measure into one bill totally 5,593 pages.