House Committee Approves Defense Bill That Would Provide Credit Unions—But Not Banks

House Committee Approves Defense Bill That Would Provide Credit Unions—But Not Banks—With Free Rent

July 3, 2020David BaumannHouse

A House committee late Wednesday approved legislation that would continue to provide credit unions—but not banks—free rent on military installations. Voting just before midnight, the House Armed Services Committee approved its version of the huge annual defense authorization legislation 56-0. The bill now goes to the House floor. The bill does not change the rent provision that has been contained in the annual defense bill during the past several years. That provision provides credit unions with free rent on military bases as long as 95% of the membership serviced by the branch are military members. Banks are not provided with

House Dems Say Trump Administration Violating Law by Not Providing GAO with Economic Recovery Data

June 18, 2020David BaumannHouse

The Trump Administration is violating federal law by refusing to provide the Government Accountability Office with information concerning the Coronavirus Aid, Relief, and Economic Security (CARES) Act, five House committee chairs charged Wednesday.

House Defeats H.R. 6782 to Require SBA to Make Public PPP Lenders; Passes H.R. 7010

May 28, 2020David BaumannHouse

The House defeated legislation Thursday that would have made public the names of lenders making large loans in the Paycheck Protection Program. The bill did not receive the two-thirds needed to pass the measure using an expedited process.

House to Consider Legislation to Make PPP Lender Info Public; Separate Bill Would Loosen PPP Terms

May 27, 2020David BaumannHouse

The U.S. House of Representatives is expected to vote later this week on legislation that would disclose details– including the names of lenders– of all loans over $2 million made under the Paycheck Protection Program.

The House also is likely to consider a measure to give employers receiving those loans some additional flexibility in how to use them.

House Recovery Bill Ignores NCUA Requests for Member Business Lending Boost, Capital Requirements Decrease

May 12, 2020David BaumannHouse

The coronavirus relief bill unveiled by House Democrats Tuesday would not increase the credit union Member Business Loan cap or decrease capital standards—two major priorities of the NCUA and credit union trade groups.

The $3 trillion, 1,800-page bill includes about $1 trillion in aid to states and local government, as well as extended unemployment benefits and additional stimulus payments to taxpayers. It also would provide a safe harbor for financial institutions providing services to marijuana-related business.

Waters: No PPP Loans for Payday Lenders

May 4, 2020David BaumannHouse

House Financial Services Chairwoman Maxine Waters (D-Calif.) is firing back at lawmakers who have called for allowing installment and payday lenders to be eligible for Paycheck Protection Loans, contending that such companies engage in predatory lending practices.

Washington Credit Union Daily

Reporting on regulations, legislation and political developments affecting credit unions.

Washington Credit Union Daily

Reporting on regulations, legislation and political developments affecting credit unions.