The House Appropriations Committee on Tuesday approved an FY22 Financial Services spending bill that would provide large increases for community development financial institutions programs and would establish a pilot program to test postal banking.
The House on Thursday passed legislation that would expand reporting requirements under the Equal Credit Opportunity Act to LGBTQ-owned businesses.
The House passed H.R. 1443, in a 252-176 vote. The bill now goes to the Senate. The Biden Administration has indicated that if it passes the Senate, the president will sign the measure.
The House on Thursday passed a resolution that would kill the Office of the Comptroller of the Currency’s so-called “rent-a-bank” rule that allows banks and savings and loans to provide their charter to online lenders with annual interest rates exceeding 100%.
The House Financial Services Appropriations Subcommittee on Thursday approved an FY22 spending bill that would provide a huge 167% increase for the National Credit Union Administration’s Community Development Revolving Loan Fund program.
Amid Republican opposition, the House Financial Services Committee on Wednesday approved legislation that would make pandemic-related changes to the National Credit Union Administration’s Central Liquidity Facility permanent.
The House Financial Services Committee on Wednesday will mark up legislation to make pandemic-related changes to the National Credit Union Administration’s Central Liquidity Facility permanent.
Credit union trade groups and NCUA Chairman Todd Harper have called on the House and Senate to enact those changes, contending that they are needed, as credit unions recover from the economic crisis caused by the pandemic. The provisions currently are set to expire at the end of the year.
The House next week will consider a resolution that would rescind a Trump Administration rule by the Office of the Comptroller of the Currency that credit union trade groups contend allows predatory online lenders to “rent” a bank to evade consumer protection laws. “In order to rein in predatory lenders and ‘rent-a-bank’ schemes, S.J. Res. 15 would overturn a rule by the Office of the Comptroller of the Currency and allow states once again to regulate these lenders and protect consumers,” House Majority Leader Steny Hoyer (D-Md.) wrote in a letter to colleagues outlining the June House agenda. Republicans have
House Republicans on Tuesday blocked quick passage of legislation that would have expanded reporting requirements under the Equal Credit Opportunity Act to LGBTQ-owned businesses.
The newest House member already has pledged her support for the federal credit union tax exemption, according to Paul Stull, chief executive officer of the Credit Union Association of New Mexico.
On Tuesday, Melanie Stansbury, a Democrat, defeated Republican state Sen. Mark Moores in a seat that was vacated by Interior Sec. Deb Haaland.
As consumer advocates call on policymakers to change the credit reporting system, credit union trade groups are warning that adjustments could hamper efforts to assist their members.