The House on Thursday passed a resolution that would kill the Office of the Comptroller of the Currency’s so-called “rent-a-bank” rule that allows banks and savings and loans to provide their charter to online lenders with annual interest rates exceeding 100%.
The Credit Union National Association on Tuesday endorsed the Biden Administration’s FY22 budget requests for the Community Development Financial Institutions program and the National Credit Union Administration’s Community Development Revolving Loan Fund program.
The heads of the U.S. financial regulatory agencies met with President Biden on Monday. Except for one: National Credit Union Administration Chairman Todd Harper, who an agency spokesman said was not invited and did not attend.
The ranking Republican on the Senate Banking Committee is asking for an investigation into allegations that the Biden Administration’s Consumer Financial Protection Bureau is pushing out top career-level civil servants in an effort to fill the positions with the people who agree with the agency’s new leadership.
The House next week will consider a resolution that would rescind a Trump Administration rule by the Office of the Comptroller of the Currency that credit union trade groups contend allows predatory online lenders to “rent” a bank to evade consumer protection laws. “In order to rein in predatory lenders and ‘rent-a-bank’ schemes, S.J. Res. 15 would overturn a rule by the Office of the Comptroller of the Currency and allow states once again to regulate these lenders and protect consumers,” House Majority Leader Steny Hoyer (D-Md.) wrote in a letter to colleagues outlining the June House agenda. Republicans have
The Biden Administration announced Tuesday it has awarded 244 Community Development credit unions a total of $401.8 million to help the institutions and the communities they serve recover from the economic problems caused by the coronavirus crisis.
Last week’s revelations by ProPublica that many of the richest Americans are paying little or no income taxes has galvanized Republican opposition to the proposal that additional records be reported by financial institutions to the Internal Revenue Service.
The Consumer Financial Protection Bureau is delaying most new regulatory decisions until the Senate votes on the nomination of Rohit Chopra to serve as the agency’s director, the CFPB said Friday in its Spring regulatory agenda.
A Biden Administration proposal to create new reporting requirements for financial institutions is far more expansive than expected, financial trade groups told the House Ways and Means Committee this week.
Appearing to confirm the suspicions of Democratic critics, the Government Accountability Office reported Monday that the Trump Administration haphazardly reorganized the consumer bureau’s fair lending office, resulting in confusion at the agency and a drop in enforcement actions.
In a scathing report, the Government Accountability Office said the Consumer Financial Protection Bureau, under then Acting Director Mick Mulvaney and then former Director Kathleen Kraninger, failed to produce any documentation to justify transferring the agency’s Office of Fair Lending and Equal Opportunity to another branch in the director’s office.