House Speaker Nancy Pelosi, D-Calif., on Tuesday endorsed a Biden Administration plan to require credit unions and banks to report data to the IRS from accounts that have “gross flow thresholds” over $600.
Contending that banking regulators have rubber-stamped thousands of mergers, two Democratic lawmakers have introduced legislation that would require a more thorough review of such deals.
The bill, introduced in the Senate by Sen. Elizabeth Warren, D-Mass. and in the House by Rep. Jesús “Chuy” García, D-Ill., does not include credit union deals in the list of mergers they believe should be more closely reviewed.
The National Flood Insurance Program received a temporary last-minute reprieve last week, but lawmakers are warning that insurance premiums for many people are likely to increase without additional action by the Biden Administration.
Citing deficiencies that National Credit Union Administration examiners found during the past year, board Chairman Todd Harper renewed his call Thursday for the agency to develop a separate consumer protection examination.
“We should be going in and looking at [credit union] consumer protection compliance systems,” Harper said, during his confirmation hearing before the Senate Banking Committee.
Fintechs—not credit unions—emerged as the main villain Wednesday at a House Financial Services Committee subcommittee hearing exploring consolidation in the financial services industry.
A hearing on consolidation in the financial services industry will feature the perspective of the American Bankers Association, which has warned about the impact of credit unions purchasing banks.
The Sept. 29 hearing of the House Financial Services Committee’s Consumer Protection and Financial Institutions Subcommittee, will not feature a representative of the credit union industry.
The Senate Armed Services Committee has ignored efforts by bankers to gain the same free rent benefits that credit unions now receive on military bases.
Rohit Chopra came one step closer to being confirmed as Consumer Financial Protection Bureau director Tuesday evening.
The Senate voted 49-48 on a party-line vote to discharge Chopra’s nomination from the Senate Banking Committee. The vote was necessary because the Banking Committee earlier this year deadlocked 12-12 on the nomination.
If it’s September, it’s time for the authorization for the National Flood Insurance Program to expire.
Republicans and financial trade groups, including the National Association of Federally-Insured Credit Unions, are asking Congress to drop a Small Business Administration proposal to allow it to expand its direct lending programs.