Small Business Administrator Jovita Carranza Friday blamed lenders for information that Paycheck Protection Program borrowers contend is inaccurate.
McHenry Accuses Waters of Wasting Financial Services Committee’s Time by Focusing on Dead Legislation
The Democratic leadership of the House Financial Services Committee is pursuing a purely partisan agenda and is pushing dead-on-arrival legislation that will not help Americans weather the coronavirus pandemic, Rep. Patrick McHenry of North Carolina, the committee’s ranking Republican, charged Thursday. “Since June 3, 2020, the Committee has focused on pursuing a purely partisan agenda,” McHenry wrote in a letter to committee Chairwoman Maxine Waters (D-Calif.). “There have been no bipartisan policy discussions. No overtures to reach across the aisle. No willingness to entertain, let alone find bipartisan solutions.” The Financial Services Committee traditionally has been a highly partisan committee,
The House Appropriations Committee Wednesday approved an FY21 financial services spending measure that includes an $11.5 million boost for the Community Development Financial Institutions program. Voting 30-22, the committee approved the bill that would provide $273.5 million for the program in FY21. The bill also would provide the NCUA’s Community Development Revolving Loan Fund with $2 million in FY21. The program received $950,00 this year. Rep. Harold Rogers (R-Ky.) told the committee that the CDFI program has worked extremely well in areas of his district. The Trump Administration has proposed eliminating the program in each of its budgets. The report
Democratic House Appropriators this week jumped on the postal banking bandwagon, calling for a pilot program to test the concept.
In the report accompanying its FY21 spending measure, Democrats on the House Financial Services Appropriations Subcommittee said that post offices could play a crucial role in providing banking services. The subcommittee did not provide any funding for the pilot, but simply gave directions for the Postal Service to test the concept.
The House Financial Services Appropriations Subcommittee Wednesday approved an FY21 spending measure that calls for $273.5 million for the Community Development Financial Institutions program—less than what many credit unions wanted.
The House Financial Services Appropriations Subcommittee on Wednesday will consider FY21 spending legislation that would provide $273.5 million for the Community Development Financial Institution program.
That would represent an $11.5 million increase from this year’s total, but much less than program advocates wanted. Wednesday’s markup of the financial services funding bill is the first step in the FY21 CDFI appropriations process.
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
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.
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.