Congressional postal banking proponents think they can get a pilot program appropriation passed and sent to President Biden.
House Financial Services Chairwoman Maxine Waters (D-Calif.) is asking for a supplemental appropriation for the Treasury Department’s Financial Crimes Enforcement Network so that it can implement the anti-money laundering and Bank Secrecy Act changes Congress passed last year.
Citing the pandemic, the Consumer Financial Protection Bureau is proposing to delay by 60 days the effective dates of debt collection rules that were issued by the Trump Administration last year. The agency is seeking public comment on the proposal, but the proposal first must be published in the Federal Register.
The Biden Administration released a bare-bones funding blueprint for next year and it proposes a 22.2% increase for the Community Development Financial Institutions program, the opposite of Trump Administration budgets which always called for elimination of the program.
According to the Government Accountability Office, the Small Business Administration has not conducted a comprehensive assessment of the risks of the Paycheck Protection Program because of the need for a rapid execution of the program. The GAO does not consider this an acceptable excuse and noted that an independent auditor reported multiple problems with the loan program.
The Biden Administration’s Consumer Financial Protection Bureau is back to a regulatory regime, rescinding a series of pandemic-related policy rollbacks. The pandemic will no longer be an acceptable excuse for failing to follow the CFPB’s consumer protection rules. Agency officials were quite clear about what will be expected of financial institutions going forward.
President Biden on Tuesday signed legislation that will extend the deadline for businesses to apply for Paycheck Protection Program loans from March 31 to May 31.
The legislation, H.R. 1799, also allows the Small Business Administration to continue to process loans until June 30. This will allow loans that are in the pipeline on May 31 to be processed.
Brad Thaler, the National Association of Federally-Insured Credit Unions’ Vice President of Legislative Affairs, wrote to members of congressional tax-writing committees to warn them that the Independent Community Banker’s Association wants credit unions taxed to eliminate a source of competition for banks.
The Consumer Financial Protection Bureau may reinstitute the agency’s rule that would require payday loan borrowers to demonstrate their ability to repay a loan before it is approved.
The Consumer Financial Protection Bureau announced it plans to change a Trump Administration policy and that it will now take enforcement and supervisory actions as a result of abusive acts or practices. It will no longer follow the policy instituted by former Director Kathy Kraninger that significantly narrowed the definition of “abusive acts or practices” and thus avoided enforcement actions under those terms. The new policy will take effect the day it is published in the Federal Register.