The staff of the Democratic-controlled House Select Subcommittee on the Coronavirus Crisis reports that in the first round of Payroll Protection Program lending, Community Development Financial Institutions and Minority Depository Institutions were largely excluded.
As the financial health of consumers deteriorates due to the pandemic, Senate Banking Committee ranking Democrat Sherrod Brown of Ohio said he is concerned that financial services regulators, including the National Credit Union Administration, are not prepared for a possible financial crisis.
A senior Republican on the House Financial Services Committee, Rep. Bill Huizenga of Michigan, said Wednesday that he has tested positive for the coronavirus.
Due to federal programs, credit unions and banks have experienced major changes to their balance sheets, which may push them across regulatory thresholds. Sen. Crapo wants regulators, including the NCUA, to use their discretion to minimize the impact of this problem.
The President and three Republican senators are sick and there is a Supreme Court nomination to be fought over. It is not clear how much attention will be available for the coronavirus economic stimulus bill and other issues important to credit unions and their members.
President Trump early Thursday signed a Continuing Resolution that keeps much of the federal government funded at its current level until Dec. 11.
The CR also reauthorizes the National Flood Insurance Program through Sept 30, 2021.
A new House Democratic economic stimulus plan is the basis for renewed negotiations. Here’s a review of the provisions in it.
The House Tuesday passed an FY21 Continuing Resolution that would keep much of the federal government funded through Dec. 11 and the National Flood Insurance reauthorized until Sept. 30, 2021.
Sens. Bernie Sanders and Kirsten Gillibrand introduced S.4614, legislation that would permit banking services in post offices. The services would include ATMs, low-cost checking accounts, low-cost savings accounts and low-interest loans.
As the House and Senate try to hammer out differences between the House and Senate versions of the massive defense authorization bill, 50 House members are asking conferees not to extend to banks the same free rent benefits that credit unions now receive on military bases. The Senate version of the defense bill calls for parity between banks and credit unions on military bases. The House version does not include that provision. With the House and Senate jammed up with other matters and lawmakers wanting to go home to campaign, the annual Defense Authorization bill might not be settled until