Supreme Court Ruling Creates More Uncertainty for CFPB’s Future

Monday’s U.S. Supreme Court ruling upending the leadership structure of the Consumer Financial Protection Bureau did little to quell the arguments over the controversial agency and its work.

For credit union trade group and critics of the agency, the ruling did not go far enough since it did not rule the single-director structure unconstitutional. They said they hope the decision will increase the chance that Congress will enact legislation converting the agency into a commission.

NAFCU’s Thaler Predicts Enactment of Next Stimulus Bill in Late July or Early August

Congress is unlikely to enact another economic stimulus bill until late July or early August, Brad Thaler, NAFCU’s vice president of legislative affairs predicted Thursday. Speaking at the trade group’s virtual “State of the Industry” conference, Thaler said, however, that with the legislative authority for the Small Business Administration’s Paycheck Protection Program expiring on June 30, the House and Senate might try to extend the program in a smaller bill. “This could happen before a large [stimulus bill] if there can be bipartisan agreement,” he said. The House has passed a large stimulus measure that includes aid to state and

CUNA Sends Pandemic Legislative Wish List to Congress

In a wish list sent to every office on Capitol Hill Tuesday, the Credit Union National Association renewed its call to allow expanded business lending by credit unions for one year to help businesses weather the coronavirus pandemic. A one-year exemption from the current Member Business Lending cap would open up some $5 billion for investment and could create as many as 50,000 jobs, CUNA said.

Democratic Senators Call for Streamlined PPP Forgiveness Application

All 45 Democratic senators are pushing the Trump Administration to develop a streamlined process for the smallest businesses to obtain loan forgiveness under the Paycheck Protection Program.

The 45 senators, in a letter to Treasury Secretary Steven Mnuchin and Small Business Administration Administrator Jovita Carranza, did not go as far as credit union trade groups, which have called for automatic loan forgiveness for certain borrowers.