The Senate Republican pandemic economic stimulus plan, a three-bill package released Monday, would simplify the loan forgiveness process for Paycheck Protection Program loans, but the measure so far contains few other priorities that credit union trade groups have been pushing.
The Senate late last week passed legislation that would protect federal pandemic economic stimulus payments to individuals from garnishment—an issue that may gain importance now that Congress is considering another round of payments.
The National Taxpayers Union is purposely attempting to mislead lawmakers by attempting to link the credit union tax exemption to proposals to increase member business lending, Carrie Hunt, the National Association of Federally-Insured Credit Unions’s executive vice president of government affairs and general counsel charged this week. “It is unfortunate that the NTU continues to misrepresent the facts in order to fit their narrative on credit unions,” Hunt said in a letter to key members of the House and Senate. “It is disappointing that while our country seeks to recover from a pandemic and an economic crisis, the NTU continues
As Republicans continued to haggle over how to cobble together a Senate version of the next pandemic economic stimulus bill Thursday, House Financial Services Chairwoman Maxine Waters (D-Calif.) defended the Democratic House version of the measure, known as the HEROES Act.
Saying that the economic impact of the coronavirus pandemic crisis has hit low-income and minority neighborhoods the hardest, Senate Democrats Tuesday proposed using Community Development Financial Institutions to funnel billions of dollars into those areas.
Credit union trade groups should be pleased with the defense authorization bill passed by the House Tuesday—it maintains the free rent benefit that credit unions receive on military installations and it includes anti-money laundering provisions they’ve been pushing.
Small Business Administrator Jovita Carranza Friday blamed lenders for information that Paycheck Protection Program borrowers contend is inaccurate.
Congress should tighten credit union field of membership requirements before increasing the industry’s Member Business Lending cap, the National Taxpayers Union said Thursday.
“Many large credit unions have strayed from their limited mission and extended their services to nearly anyone,” the NTU said in a letter to committees with credit union oversight powers. “Congress should work to reestablish and clarify sensible common-bond requirements that are a condition of credit unions’ unique status.”
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