The Trump Administration ignored congressional guidance to place a high priority on helping small businesses in underserved areas weather the pandemic—one of myriad failures in the administration’s response to the coronavirus crisis, House Democrats charged Friday. Democrats on the House Select Subcommittee on the Coronavirus Crisis issued a scathing report Friday, charging that the administration failed to adequately assist Americans as the virus spread. “The Select Subcommittee’s findings demonstrate that the Trump Administration’s response to the coronavirus pandemic is among the worst failures of leadership in American history,” the subcommittee charged. In releasing the report, Subcommittee Chairman James Clyburn (D-S.C.)
A group of House members is pushing their leaders to extend two provisions of coronavirus economic stimulus laws that the group says is crucial to the ability of banks and credit unions to help their customers and members weather the pandemic. Led by Rep. Danny Davis (D-Ill.), the group wants any future coronavirus legislation to include an extension of the temporary Troubled Debt Restructuring and the National Credit Union Administration’s Central Liquidity Facility provisions that were included in coronavirus economic stimulus legislation earlier this year. Both provisions are scheduled to expire at the end of the year and the House
The staff of the Democratic-controlled House Select Subcommittee on the Coronavirus Crisis reports that in the first round of Payroll Protection Program lending, Community Development Financial Institutions and Minority Depository Institutions were largely excluded.
A senior Republican on the House Financial Services Committee, Rep. Bill Huizenga of Michigan, said Wednesday that he has tested positive for the coronavirus.
A new House Democratic economic stimulus plan is the basis for renewed negotiations. Here’s a review of the provisions in it.
The Democratic staff of the House Coronavirus Crisis Subcommittee issued a report on the Paycheck Protection Program. The report says the PPP has been plagued by waste and fraud and that both lenders and a lack of oversight from the Small Business Administration and the Treasury Department are to blame.
With talks over an economic stimulus bill seemingly stalled, the Republican leaders of two House committees are asking House Speaker Nancy Pelosi (D-Calif.) to put away her “wish list” and simply concentrate on renewing the Small Business Administration’s Paycheck Protection Program and shoring up other SBA loan programs.
The House on Friday passed an FY21 spending measure that would increase Community Development Financial Institutions funding by $11.5 million and set aside $2 million for a pilot test of postal banking.
Voting 217-197, the House passed H.R. 7617, which combines six of the annual appropriations bills, including the Financial Services spending measure.
Credit union trade groups should be pleased with the defense authorization bill passed by the House Tuesday—it maintains the free rent benefit that credit unions receive on military installations and it includes anti-money laundering provisions they’ve been pushing.
Small Business Administrator Jovita Carranza Friday blamed lenders for information that Paycheck Protection Program borrowers contend is inaccurate.