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.
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.
As the House Ways and Means Committee completed its markup of tax legislation, the Biden Administration renewed its push for Democrats to add a controversial plan to require credit unions and banks to report the inflows and outflows from customer accounts to the Internal Revenue Service.
Draft tax legislation to be marked up by the House Ways and Means Committee this week does not contain a controversial proposal to require financial institutions to report the inflows and outflows from customer accounts to the Internal Revenue Service.
The House Financial Services Committee on Monday will mark up legislation that would, among other things, provide $10 billion to the Community Development Financial Institutions program to build or preserve more than 170,000 “affordable” homes.
The Pentagon would be required to conduct a study on the availability of financial services on military installations, under an FY22 defense authorization bill approved by the House Armed Services Committee early Thursday.
However, the bill does not require the Department of Defense to provide the same free rent benefits to banks that credit unions now receive—a perennial hot button issue between banks and credit unions.
A community banker, at a hearing before the House Small Business Committee on Wednesday, accused the Small Business Administration of attempting to coerce lenders in the Paycheck Protection Program into using an agency portal for loan forgiveness.
Many lenders in the Paycheck Protection Program are not using a Small Business Administration portal that allows borrowers of less than $150,000 to easily submit loan forgiveness applications, the Democratic staff of the House Small Business Committee said in a memo released Tuesday.
Credit unions won the first round in their annual battle with banks over free rent benefits on military bases.