Banker–But No CU Official–to Testify at House Competition Hearing

A hearing on consolidation in the financial services industry will feature the perspective of the American Bankers Association, which has warned about the impact of credit unions purchasing banks.

The Sept. 29 hearing of the House Financial Services Committee’s Consumer Protection and Financial Institutions Subcommittee, will not feature a representative of the credit union industry.

House Committee to Consider Bill to Make CLF Changes Permanent

The House Financial Services Committee on Wednesday will mark up legislation to make pandemic-related changes to the National Credit Union Administration’s Central Liquidity Facility permanent.

Credit union trade groups and NCUA Chairman Todd Harper have called on the House and Senate to enact those changes, contending that they are needed, as credit unions recover from the economic crisis caused by the pandemic. The provisions currently are set to expire at the end of the year.

GAO: Trump’s CFPB Couldn’t Justify Reorganization of Fair Lending Office

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.