House Financial Services Committee Chairwoman Maxine Waters, D-Calif., is challenging the National Credit Union Administration and other banking regulators to issue guidance requiring institutions to measure and manage climate risk—a thorny issue for the NCUA board.
The use of Artificial Intelligence and algorithms by financial institutions must not result in discriminatory practices, two key House Democrats warned financial regulators Monday.
The House Financial Services Committee on Tuesday approved legislation that would make it easier for credit unions to expel members who pose a threat or engage in dangerous or illegal conduct.
The House Financial Services Committee on Tuesday will consider legislation that would make it easier for credit unions to expel members who pose a threat or engage in dangerous or illegal conduct.
Key House Republicans want to know why the U.S. Postal Service “quietly” launched a banking pilot program without consulting with members of Congress.
“As you know, we strongly object to the concept of postal banking, and the Postal Service lacks the statutory authority to expand its non-postal banking services absent Congressional approval,” House Oversight and Reform Committee ranking Republican James Comer of Kentucky and House Financial Services Committee ranking GOP member Patrick McHenry of North Carolina wrote in a letter to Postmaster General Louis DeJoy on Friday.
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.