Jason Crow, chairman of the House Innovation and Workforce Development Subcommittee, complains of technology-related issues with Paycheck Protection Program loan processing which he believed could have been prevented if the Small Business Administration had properly responded to a Government Accountability Office report from 2014.
Sens. Bernie Sanders and Kirsten Gillibrand introduced S.4614, legislation that would permit banking services in post offices. The services would include ATMs, low-cost checking accounts, low-cost savings accounts and low-interest loans.
According to the Government Accountability Office, the Paycheck Protection Program’s loan forgiveness process remains unclear and incomplete and is resulting in lender fatigue.
Bankers have long complained that the National Credit Union Administration is a cheerleader for the industry, but now one of their banking regulators is being accused of so-called “regulatory capture.”
In a new report, the Government Accountability Office said that the Federal Deposit Insurance Corporation failed to provide documentation necessary to demonstrate the objectivity of examiners.
A Democratic “unity” task force designed by supporters of presumptive Democratic presidential nominee Joe Biden and Sen. Bernie Sanders (I-Vt.) is recommending that post offices provide banking services to improve access to financial services.
The Trump Administration’s poor oversight of the Paycheck Protection Program has placed billions of dollars at risk, left lenders confounded and invited fraud, the Government Accountability Office said Thursday.
The Trump Administration is violating federal law by refusing to provide the Government Accountability Office with information concerning the Coronavirus Aid, Relief, and Economic Security (CARES) Act, five House committee chairs charged Wednesday.
The Government Accountability Office has renewed its recommendation that Congress consider consolidating financial regulatory agencies, including the National Credit Union Administration, in an effort to improve oversight of financial institutions. In its annual report issued last week on duplicative and overlapping programs, the GAO said that the fragmented organization of the regulators results in inconsistent enforcement of federal rules and consumer protection. “Without additional actions, fragmentation and overlap in the financial regulatory structure will continue to create challenges related to the efficient and effective oversight of financial institutions and the consistency of consumer protections,” the GAO said. GAO has made