Earlier this month it was announced that Rep. Ed Perlmutter (D-Colo.) will be chairman of the House Consumer Protection and Financial Institutions Subcommittee and now the Republicans have designated Rep. Blaine Lutkemeyer (R-Mo.) as the ranking Republican on that committee. Lutkemeyer’s position is of interest to credit unions as his family owns a community bank. On the Senate side, Sen. Sherrod Brown (D-Ohio) will be chairman of the Banking Committee and the ranking Republican will be Sen. Pat Toomey (R-Pa.). Priorities may be changing on the Senate side.
Rep. Ed Perlmutter (D-Colo.) will chair the Financial Services Committee’s Consumer Protection and Financial Institutions Subcommittee. He is the lead House sponsor of marijuana banking legislation, advocating for regulatory safe harbor for credit unions and banks so they can safely provide financial services to marijuana-related businesses.
House Financial Services Chairwoman Maxine Waters (D-Calif.) is urging President-elect Joe Biden to reverse so-called “midnight rulemaking” by outgoing Trump Administration agencies, including the National Credit Union Administration and the Consumer Financial Protection Bureau.
Former National Credit Union Administration board members and credit union lobbyists speculate on the legislative changes that will occur now that the Democrats will control the Senate.
Congress overrode President Trump’s veto of the 2021 defense authorization bill, meaning that credit unions, but not banks, will continue to have free rent on military bases next year. Also in the bill and becoming law are anti-money laundering provisions that require information on beneficial owners of companies to be collected and then kept by the Treasury Department for use by law enforcement.
President Trump on Wednesday vetoed the massive defense authorization bill and then threatened to veto the massive economic stimulus and omnibus appropriations bill.
Congress is preparing to pass legislation that contains a $12 billion set-aside for the Community Development Financial Institutions program, and extensions of the Paycheck Protection Program, the Troubled Debt Restructuring provisions, and the pandemic-related provisions of the National Credit Union Administration’s Central Liquidity Facility. Congress is combining the coronavirus economic stimulus bill and the FY21 omnibus appropriations measure into one bill totally 5,593 pages.
Financial regulators proposed in October codifying a policy statement that supervisory guidance does not create legally binding obligations. Senator Toomey (R-Pa) doesn’t think that goes far enough.
House Financial Services Chairman Maxine Waters wrote a 45-page letter to President-elect Joe Biden listing all the regulatory decisions that were made in the last four years in the agencies under her committee’s jurisdiction that she thinks should be reversed when he gets into office. She also wants Consumer Financial Protection Bureau Director Kathleen Kraninger fired.
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.