Republicans on the House Financial Services Committee are accusing Consumer Financial Protection Bureau Acting Director Dave Uejio of overstepping his authority by taking actions that traditionally would be reserved for a Senate-confirmed director.
President Biden last week announced his intention to nominate Acting Consumer Financial Protection Bureau Director Dave Uejio to a key position at the Department of Housing and Urban Development.
If confirmed by the Senate, Uejio would become HUD’s assistant secretary for fair housing and equal opportunity.
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 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 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 family may have moved into the White House, but some of their money may remain at the other end of Pennsylvania Avenue—in the U.S. Senate Federal Credit Union.
The Senate on Tuesday passed a resolution that would rescind a Trump Administration rule that credit union trade groups say allows predatory online lenders to “rent” a bank to evade consumer protection laws.
The Senate passed the resolution 52-47; it now goes to the House. If the House passes it and President Biden signs it, the rule, issued by the Trump Administration’s Office of the Comptroller of the Currency, would be rescinded. In addition, the OCC would be prohibited from issuing a rule that would accomplish the same goal.
It may seem as if Todd Harper just joined the National Credit Union Administration board, but actually his term expired last month.
Harper, who now may be removed at any time by President Biden, said through a spokesperson that he intends to stay in his position as long as the president wants him to serve. So far Biden has given no indication that he wants to remove Harper, sources familiar with board operations said.
National Credit Union Administration Chairman Todd Harper thinks the proposed rule is “half-baked” but credit union trade groups are endorsing a proposal to increase the threshold for credit unions to be defined as “complex.” The proposed rule states that any risk-based net worth requirement would only apply if a credit union has more than $500 million in assets at a quarter’s end. The definition impacts the effect of the Risk-Based Capital Rule that goes into effect on Jan. 1, 2022.
The Credit Union National Association and the National Association of Federally-Insured Credit Unions stopped making campaign contributions after the insurrection at the U.S. Capitol, but will now resume them. CUNA was the 12th largest contributor to the 147 Senators and Representatives who objected to the counting of the electoral votes for Joe Biden, according to the Center for Responsive Politics.