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.
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
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.
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.