A postal banking pilot program being run by the U.S. Postal Service is a bad idea, is not needed, and may violate federal law, 19 Republican senators wrote in a letter to Postmaster General Louis DeJoy on Monday.
Sen Joe Manchin, D-W.V., a key vote for any budget reconciliation bill, said Tuesday he is opposed to a controversial plan to require credit unions and banks to report to the Internal Revenue Service the inflows and outflows from member and customer accounts.
The National Flood Insurance Program received a temporary last-minute reprieve last week, but lawmakers are warning that insurance premiums for many people are likely to increase without additional action by the Biden Administration.
Citing deficiencies that National Credit Union Administration examiners found during the past year, board Chairman Todd Harper renewed his call Thursday for the agency to develop a separate consumer protection examination.
“We should be going in and looking at [credit union] consumer protection compliance systems,” Harper said, during his confirmation hearing before the Senate Banking Committee.
Rohit Chopra came one step closer to being confirmed as Consumer Financial Protection Bureau director Tuesday evening.
The Senate voted 49-48 on a party-line vote to discharge Chopra’s nomination from the Senate Banking Committee. The vote was necessary because the Banking Committee earlier this year deadlocked 12-12 on the nomination.
Congress should enact marijuana banking legislation and then tackle the larger issue of legalization, Colorado Democratic Gov. Jared Polis told Democratic senators last week. “Not only are cash-only businesses targets for crime, cannabis businesses are further disadvantaged compared to other legal businesses by being unable to open bank accounts or obtain loans at reasonable rates,” Polis wrote in a letter to Democratic senators who are seeking comment on broad legalization legislation. He continued, “The cannabis industry is simply too large to be prohibited from banking opportunities, and the Senate must remedy this harm by bringing this measure up for a
A proposal to require financial institutions to report certain transactions by customers and members still is alive, following Senate approval of its massive budget resolution.
An attempt to place the Senate on record as opposing that proposal failed on Tuesday.
National Credit Union Administration Chairman Todd Harper says a 36% interest rate cap on consumer loans would have no impact on credit unions. Credit Union trade groups say the cap would force credit union members to take out larger, longer-term loans. The CEO of the Essential Credit Union says that a 36% cap is fine with him. Confused? Who wouldn’t be?
Financial services companies would continue to make loans—and make money on the deals—if Congress decides to place a 36% interest rate cap on short-term loans, Richard Williams, president/CEO of the Essential Credit Union told a Senate committee Wednesday.
Key Democratic senators vowed Wednesday to block marijuana banking legislation unless it is enacted as part of a comprehensive federal cannabis legalization measure.