The House Financial Services Committee on Wednesday approved legislation which would require federal financial regulators to develop a strategic plan to encourage the chartering of new credit unions and banks. The panel approved H.R 4590 by voice vote. The bill, sponsored by Rep. Jake Auchincloss, D-Mass., would require the regulators to conduct an 18-month study examining the challenges that newly chartered credit unions and banks face. Following that study, the regulators would be required to develop a strategic plan to promote creation of new financial institutions, particularly minority depository institutions and community development financial institutions. In a memo prepared for
A Republican effort to kill a postal banking pilot program contained in the House version of the FY22 Financial Services spending bill failed Monday.
The decision by the House Rules Committee not to allow Republicans to offer that amendment during floor debate of the measure all but guarantees that the $6 million pilot program will be in the House-passed version of the appropriations measure.
Credit union and banking political action committees have resumed making campaign contributions to House members who objected to the certification of some states’ Electoral College votes on Jan. 6.
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.
The Financial Crimes Enforcement Network intends to develop a program that allows it to issue “no action letters” to financial institutions that request them, agency officials said recently.
Under such a program, a financial institution may submit details of an activity for evaluation by a federal regulator. If a “no action letter” is released, the regulator states that it will not sanction the institution for the activities.
If President Biden’s Executive Order on competition is any indication, banker arguments that credit unions pose an unfair competitive threat may not be gaining traction in the White House.
Credit union trade groups are warning Congress that proposals to establish a public credit reporting agency within the Consumer Financial Protection Bureau would give the agency enormous new power that it should not have.
The House on Thursday passed legislation that would expand reporting requirements under the Equal Credit Opportunity Act to LGBTQ-owned businesses.
The House passed H.R. 1443, in a 252-176 vote. The bill now goes to the Senate. The Biden Administration has indicated that if it passes the Senate, the president will sign the measure.
The House Financial Services Appropriations Subcommittee on Thursday approved an FY22 spending bill that would provide a huge 167% increase for the National Credit Union Administration’s Community Development Revolving Loan Fund program.
Amid Republican opposition, the House Financial Services Committee on Wednesday approved legislation that would make pandemic-related changes to the National Credit Union Administration’s Central Liquidity Facility permanent.