Bill Omits Free Rent Benefit for Banks, Includes Anti-Money Laundering Measure

House and Senate conferees on the defense authorization bill have decided not to give banks the free rent benefits that credit unions have on military installations. The conferees have included the money laundering provisions that credit union trade groups wanted in the bill. But it’s still not clear if the bill will become law because President Trump has indicated he may veto it.

Anti-Money Laundering Provisions Move Forward as CU Military Base Benefits Stall

Congressional negotiators will include anti-money laundering provisions in the annual defense authorization bill. The negotiators have not come to a decision on whether banks should be treated the same as credit unions with free rent benefits on military bases. Passage of the bill is further complicated by President Trump threatening a veto of the bill because it contains provisions to rename military bases.

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

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

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