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.
Credit union trade groups have told Congress that if the statutory 12.25% cap on business lending was removed then credit unions would have additional billions of dollars available to make loans to small business.
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.
In a letter to the Senate Banking Committee and the House Financial Services Committee, Curt Long of the National Association of Federally-Insured Credit Unions argues that the National Credit Union Administration’s equity ratio will bounce back. Therefore NAFCU is opposed to a credit union premium assessment.
Earlier this month it was announced that Rep. Ed Perlmutter (D-Colo.) will be chairman of the House Consumer Protection and Financial Institutions Subcommittee and now the Republicans have designated Rep. Blaine Lutkemeyer (R-Mo.) as the ranking Republican on that committee. Lutkemeyer’s position is of interest to credit unions as his family owns a community bank. On the Senate side, Sen. Sherrod Brown (D-Ohio) will be chairman of the Banking Committee and the ranking Republican will be Sen. Pat Toomey (R-Pa.). Priorities may be changing on the Senate side.
Rep. Ed Perlmutter (D-Colo.) will chair the Financial Services Committee’s Consumer Protection and Financial Institutions Subcommittee. He is the lead House sponsor of marijuana banking legislation, advocating for regulatory safe harbor for credit unions and banks so they can safely provide financial services to marijuana-related businesses.
President-elect Biden has chosen Rohit Chopra to lead the Consumer Financial Protection Bureau. Chopra helped Sen. Elizabeth Warren (D-Mass.) organize the bureau, so it appears that the agency will be returning to a stricter regulatory stance.
House Financial Services Chairwoman Maxine Waters (D-Calif.) is urging President-elect Joe Biden to reverse so-called “midnight rulemaking” by outgoing Trump Administration agencies, including the National Credit Union Administration and the Consumer Financial Protection Bureau.
The agenda for the January board meeting of the National Credit Union Administration has been released. On the agenda is a rule on Risk-Based Net Worth, an Advance Notice of Proposed Rulemaking on the simplification of Risk-Based Capital Requirements, a proposed rule on CUSOs, a notice of proposed rulemaking on the CAMELS rating system and the agency’s annual performance plan.
House Financial Services Chairman Maxine Waters wrote a 45-page letter to President-elect Joe Biden listing all the regulatory decisions that were made in the last four years in the agencies under her committee’s jurisdiction that she thinks should be reversed when he gets into office. She also wants Consumer Financial Protection Bureau Director Kathleen Kraninger fired.