House Members Introduce Legislation to Lift MBL Cap During Crisis

March 3, 2021David BaumannHouse

Two House members have introduced legislation that would lift the member business lending cap during the pandemic in an effort to allow credit unions to make more loans during the economic crisis.

Reps. Brad Sherman (D-Calif.) and Brian Fitzpatrick (R-Pa.) introduced legislation Monday that would lift the cap of 12.25% for up to one year after the national emergency has ended. The exemption prohibits any business loan that would undermine the safety and soundness of a credit union.

It’s Groundhog Day: Postal Banking Remerges

February 25, 2021David BaumannHouse

In the closing minutes of a hearing on the United States Postal Service this Wednesday, Rep. Ayanna Pressley (D-Mass.) brought up the suggestion that postal banking could help the post office recover financially while also helping serve those who do not have access to traditional banks.

Marijuana Banking Advocate Perlmutter to Chair Key House Subcommittee

January 28, 2021David BaumannHouse

Rep. Ed Perlmutter (D-Colo.) will chair the Financial Services Committee’s Consumer Protection and Financial Institutions Subcommittee. He is the lead House sponsor of marijuana banking legislation, advocating for regulatory safe harbor for credit unions and banks so they can safely provide financial services to marijuana-related businesses.

Waters Asks Biden to Kill Trump’s ‘Midnight Rules’

January 19, 2021David BaumannHouse

House Financial Services Chairwoman Maxine Waters (D-Calif.) is urging President-elect Joe Biden to reverse so-called “midnight rulemaking” by outgoing Trump Administration agencies, including the National Credit Union Administration and the Consumer Financial Protection Bureau.

Waters to Biden: Fire CFPB’s Kraninger & Jettison Her Rules

December 7, 2020David BaumannHouse

House Financial Services Chairman Maxine Waters wrote a 45-page letter to President-elect Joe Biden listing all the regulatory decisions that were made in the last four years in the agencies under her committee’s jurisdiction that she thinks should be reversed when he gets into office. She also wants Consumer Financial Protection Bureau Director Kathleen Kraninger fired.

House Democrats Charge Administration Ignored Directions to Help Businesses in Underserved Areas

November 2, 2020David BaumannHouse

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.)

House Members Push for Legislation to Extend Credit Union Provisions of Stimulus Bill

October 21, 2020David BaumannHouse

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

Subcommittee Probe: Treasury Hampered CDFI Participation in PPP

October 16, 2020David BaumannHouse

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.

Rep. Huizenga Tests Positive for Coronavirus

October 14, 2020David BaumannHouse

A senior Republican on the House Financial Services Committee, Rep. Bill Huizenga of Michigan, said Wednesday that he has tested positive for the coronavirus.

Dem Plan Renews PPP, Allows Marijuana Banking, Boosts CDFIs

September 30, 2020David BaumannHouse

A new House Democratic economic stimulus plan is the basis for renewed negotiations. Here’s a review of the provisions in it.

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.