A community banker, at a hearing before the House Small Business Committee on Wednesday, accused the Small Business Administration of attempting to coerce lenders in the Paycheck Protection Program into using an agency portal for loan forgiveness.
Many lenders in the Paycheck Protection Program are not using a Small Business Administration portal that allows borrowers of less than $150,000 to easily submit loan forgiveness applications, the Democratic staff of the House Small Business Committee said in a memo released Tuesday.
Credit unions won the first round in their annual battle with banks over free rent benefits on military bases.
A controversial proposal to require credit unions and banks to report certain transactions to the Internal Revenue Service remains alive, following House passage of an FY22 budget resolution on Tuesday.
House Financial Services Committee Chairwoman Rep. Maxine Waters, D-Calif., has warned federal financial regulators that “robust supervision and enforcement” is needed to ensure that financial institutions help homeowners avoid foreclosures and weather the financial hardships caused by the pandemic.
The House Financial Services Committee on Wednesday approved legislation which would require federal financial regulators to develop a strategic plan to encourage the chartering of new credit unions and banks. The panel approved H.R 4590 by voice vote. The bill, sponsored by Rep. Jake Auchincloss, D-Mass., would require the regulators to conduct an 18-month study examining the challenges that newly chartered credit unions and banks face. Following that study, the regulators would be required to develop a strategic plan to promote creation of new financial institutions, particularly minority depository institutions and community development financial institutions. In a memo prepared for
A Republican effort to kill a postal banking pilot program contained in the House version of the FY22 Financial Services spending bill failed Monday.
The decision by the House Rules Committee not to allow Republicans to offer that amendment during floor debate of the measure all but guarantees that the $6 million pilot program will be in the House-passed version of the appropriations measure.
Credit union and banking political action committees have resumed making campaign contributions to House members who objected to the certification of some states’ Electoral College votes on Jan. 6.
Members of a House subcommittee and financial services experts agreed Wednesday that providing financial services to the unbanked should be a high priority for policymakers.
But they did not agree on how to solve the problem.
House Democrats, led by Rep. Carolyn Maloney, D-N.Y., are renewing efforts to rein in overdraft fees charged by financial institutions.
Maloney, who was joined by 31 Democratic colleagues in introducing H.R. 4277, has introduced similar legislation each Congress since 2009.