House Democrats Charge Administration Ignored Directions to Help Businesses in Underserved Areas

The Trump Administration ignored congressional guidance to place a high priority on helping small businesses in underserved areas weather the pandemic—one of myriad failures in the administration’s response to the coronavirus crisis, House Democrats charged Friday. Democrats on the House Select Subcommittee on the Coronavirus Crisis issued a scathing report Friday, charging that the administration failed to adequately assist Americans as the virus spread. “The Select Subcommittee’s findings demonstrate that the Trump Administration’s response to the coronavirus pandemic is among the worst failures of leadership in American history,” the subcommittee charged. In releasing the report, Subcommittee Chairman James Clyburn (D-S.C.)

Crapo Questions New FHFA Fee; Cooperative Credit Union Association Accuses Agency of Greed

Senate Banking Committee Chairman Mike Crapo (R-Id.) wants to know why the Federal Housing Finance Agency—amid a financial crisis– is imposing new fees on homeowners who are refinancing their mortgages.

“Many housing market stakeholders have highlighted the potential negative impact the announced pricing increase will have on consumers seeking to access this benefit by increasing the average cost of refinancing,” Crapo wrote in a letter late last week to FHFA Director Mark Calabria.

As pressure builds on the FHFA to reverse its 0.5% fee, the president of the Cooperative Credit Union Association pointed out that the two Government Sponsored Enterprises affected—Fannie Mae and Freddie Mac—posted large profits in the second quarter of the year.