The Senate Republican pandemic economic stimulus plan, a three-bill package released Monday, would simplify the loan forgiveness process for Paycheck Protection Program loans, but the measure so far contains few other priorities that credit union trade groups have been pushing.
As Republicans continued to haggle over how to cobble together a Senate version of the next pandemic economic stimulus bill Thursday, House Financial Services Chairwoman Maxine Waters (D-Calif.) defended the Democratic House version of the measure, known as the HEROES Act.
A bipartisan group of 16 state treasurers is pushing congressional leaders to include marijuana banking provisions in the next pandemic economic stimulus legislation enacted by Congress.
Two financial regulators—the National Credit Union Administration and the Federal Deposit Insurance Corporation—are taking differing positions on whether institutions under their supervision are safe to provide services to marijuana-related companies.
As Congress decides whether to include marijuana banking provisions in the next coronavirus relief measure, advocates are raising a new issue: Cash is dirty and can spread the coronavirus.
The $3 trillion pandemic relief bill unveiled by House Democrats on Tuesday will help the nation recover from the coronavirus crisis, but it fails to give credit unions important tools they need to help in the effort, trade group lobbyists said Wednesday.
House Recovery Bill Ignores NCUA Requests for Member Business Lending Boost, Capital Requirements Decrease
The coronavirus relief bill unveiled by House Democrats Tuesday would not increase the credit union Member Business Loan cap or decrease capital standards—two major priorities of the NCUA and credit union trade groups.
The $3 trillion, 1,800-page bill includes about $1 trillion in aid to states and local government, as well as extended unemployment benefits and additional stimulus payments to taxpayers. It also would provide a safe harbor for financial institutions providing services to marijuana-related business.
Four credit unions have joined marijuana advocates who are pushing Congress to make marijuana firms eligible for Small Business Administration coronavirus crisis loans.