Banking Chairman Brown Pushing Federal Digital Wallet Proposal

Senate Banking Chairman Sherrod Brown (D-Ohio) intends to introduce his “Banking for All Act” again this year. It would allow anyone to set up a free bank account at a bank, credit union or Post Office. The bank account, known as a FedAccount, would serve as a digital wallet and would solve the problem of delivering stimulus payments and tax credits to citizens who do not now have bank accounts.

Final Stimulus, Spending Bill Includes Big Boost for CDFIs, Extension of CLF Provisions

Congress is preparing to pass legislation that contains a $12 billion set-aside for the Community Development Financial Institutions program, and extensions of the Paycheck Protection Program, the Troubled Debt Restructuring provisions, and the pandemic-related provisions of the National Credit Union Administration’s Central Liquidity Facility. Congress is combining the coronavirus economic stimulus bill and the FY21 omnibus appropriations measure into one bill totally 5,593 pages.