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
As if Congress does not have enough on its plate, the National Flood Insurance Program is set to expire once again on Sept. 30.
The expiration threat is nothing new for the NFIP. Since the end of FY17, the program has operated under 15 short-term extensions. Continuing Resolutions keeping the government funded often also contain an NFIP extension.
The Senate Republican “skinny” economic stimulus bill failed to get the necessary votes to open debate on the bill. Since the bill failed, it is unclear whether Congress will enact any of the credit union priorities before leaving at the end of the month.
Senate Republicans on Tuesday unveiled a “skinny” economic stimulus bill that calls for another round of Payroll Protection Program loans, a simplified loan forgiveness process and limited liability for businesses reopening during the coronavirus economic crisis.
The Senate is likely to vote on the bill later this week. It is unlikely the measure has the votes to pass, but it could serve as the next step in the haggling over the next stimulus legislation.
The Senate returns this week and the House will return next week. There is still much to be done and it is unlikely that Congress will get to everything related to credit unions before the election. Here is a summary of the decisions and legislation that remain.
The Democratic staff of the House Coronavirus Crisis Subcommittee issued a report on the Paycheck Protection Program. The report says the PPP has been plagued by waste and fraud and that both lenders and a lack of oversight from the Small Business Administration and the Treasury Department are to blame.
With talks over an economic stimulus bill seemingly stalled, the Republican leaders of two House committees are asking House Speaker Nancy Pelosi (D-Calif.) to put away her “wish list” and simply concentrate on renewing the Small Business Administration’s Paycheck Protection Program and shoring up other SBA loan programs.
Senate Republican plans to provide liability immunity to businesses as they reopen following the pandemic are “unconscionable,” 42 senators said this week in a letter to Majority Leader Mitch McConnell (R-Ky.). The group, which includes Democrats and Sen. Bernie Sanders (I-Vt.), would be enough to block Senate consideration of pandemic-related legislation if the senators decide it is a large enough issue to oppose the overall bill. Due to the filibuster rule it often takes 60, rather than 51 senators, for controversial legislation to pass the Senate. The immunity provisions remain a sticking point as lawmakers and the Trump Administration try
Amid signs that federal pandemic assistance funds have not reached businesses that need them the most, Sen. Brian Schatz (D-Hawaii) this week introduced legislation creating a new $2 billion emergency fund for Community Development Financial Institutions.
The legislation, S. 4430, would automatically provide capital for CDFIs during a natural disaster or economic crisis. The legislation is cosponsored by nine Democrats and Independent Bernie Sanders of Vermont.
The House on Friday passed an FY21 spending measure that would increase Community Development Financial Institutions funding by $11.5 million and set aside $2 million for a pilot test of postal banking.
Voting 217-197, the House passed H.R. 7617, which combines six of the annual appropriations bills, including the Financial Services spending measure.