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.
McHenry Accuses Waters of Wasting Financial Services Committee’s Time by Focusing on Dead Legislation
The Democratic leadership of the House Financial Services Committee is pursuing a purely partisan agenda and is pushing dead-on-arrival legislation that will not help Americans weather the coronavirus pandemic, Rep. Patrick McHenry of North Carolina, the committee’s ranking Republican, charged Thursday. “Since June 3, 2020, the Committee has focused on pursuing a purely partisan agenda,” McHenry wrote in a letter to committee Chairwoman Maxine Waters (D-Calif.). “There have been no bipartisan policy discussions. No overtures to reach across the aisle. No willingness to entertain, let alone find bipartisan solutions.” The Financial Services Committee traditionally has been a highly partisan committee,
The House Appropriations Committee Wednesday approved an FY21 financial services spending measure that includes an $11.5 million boost for the Community Development Financial Institutions program. Voting 30-22, the committee approved the bill that would provide $273.5 million for the program in FY21. The bill also would provide the NCUA’s Community Development Revolving Loan Fund with $2 million in FY21. The program received $950,00 this year. Rep. Harold Rogers (R-Ky.) told the committee that the CDFI program has worked extremely well in areas of his district. The Trump Administration has proposed eliminating the program in each of its budgets. The report
Democratic House Appropriators this week jumped on the postal banking bandwagon, calling for a pilot program to test the concept.
In the report accompanying its FY21 spending measure, Democrats on the House Financial Services Appropriations Subcommittee said that post offices could play a crucial role in providing banking services. The subcommittee did not provide any funding for the pilot, but simply gave directions for the Postal Service to test the concept.
The House Financial Services Appropriations Subcommittee Wednesday approved an FY21 spending measure that calls for $273.5 million for the Community Development Financial Institutions program—less than what many credit unions wanted.
The House Financial Services Appropriations Subcommittee on Wednesday will consider FY21 spending legislation that would provide $273.5 million for the Community Development Financial Institution program.
That would represent an $11.5 million increase from this year’s total, but much less than program advocates wanted. Wednesday’s markup of the financial services funding bill is the first step in the FY21 CDFI appropriations process.