Financial services companies would continue to make loans—and make money on the deals—if Congress decides to place a 36% interest rate cap on short-term loans, Richard Williams, president/CEO of the Essential Credit Union told a Senate committee Wednesday.
The House Financial Services Committee on Wednesday approved legislation which would require federal financial regulators to develop a strategic plan to encourage the chartering of new credit unions and banks. The panel approved H.R 4590 by voice vote. The bill, sponsored by Rep. Jake Auchincloss, D-Mass., would require the regulators to conduct an 18-month study examining the challenges that newly chartered credit unions and banks face. Following that study, the regulators would be required to develop a strategic plan to promote creation of new financial institutions, particularly minority depository institutions and community development financial institutions. In a memo prepared for
A Republican effort to kill a postal banking pilot program contained in the House version of the FY22 Financial Services spending bill failed Monday.
The decision by the House Rules Committee not to allow Republicans to offer that amendment during floor debate of the measure all but guarantees that the $6 million pilot program will be in the House-passed version of the appropriations measure.
Credit union and banking political action committees have resumed making campaign contributions to House members who objected to the certification of some states’ Electoral College votes on Jan. 6.
Members of a House subcommittee and financial services experts agreed Wednesday that providing financial services to the unbanked should be a high priority for policymakers.
But they did not agree on how to solve the problem.
If it’s summertime, it’s time for the annual brawl between credit unions and banks over free access to military bases.
Each year, the two sides renew their feud, with credit unions intent on defending their turf and banks arguing that Congress has given credit unions another unfair advantage.
Key Democratic senators vowed Wednesday to block marijuana banking legislation unless it is enacted as part of a comprehensive federal cannabis legalization measure.
House Democrats, led by Rep. Carolyn Maloney, D-N.Y., are renewing efforts to rein in overdraft fees charged by financial institutions.
Maloney, who was joined by 31 Democratic colleagues in introducing H.R. 4277, has introduced similar legislation each Congress since 2009.
The Office of the Comptroller of the Currency’s so-called “rent-a-bank” rule that allowed banks and savings and loans to provide their charter to online lenders with annual interest rates exceeding 100% is dead.
President Biden officially killed the rule Wednesday by signing a resolution repealing it. The House approved that resolution last week; the Senate had passed it earlier.
The House Appropriations Committee on Tuesday approved an FY22 Financial Services spending bill that would provide large increases for community development financial institutions programs and would establish a pilot program to test postal banking.