A coalition of trade groups, including the Credit Union National Association and the National Association of Federally-Insured Credit Unions, is pushing Congress to pass legislation that would allow businesses receiving loans of $150,000 or less from the Paycheck Protection Program to have their loans forgiven by submitting a one-page form. S. 4117, introduced by Sen. Kevin Cramer (R-N.D.) and a bipartisan group of Senate Banking Committee members, also would hold lenders harmless if a borrower’s one-page form contains falsehoods. “This bipartisan legislation would ensure our nation’s small business owners can focus their time, energy, and resources back into their business
A banking super political action committee has produced a slick new video alleging that “fake credit unions” are diverting much-needed tax money from the nation’s schools and have abandoned their mission to serve the needy.
CFPB Director Kathy Kraninger defended her agency’s payday loan rulemaking process on Monday, disputing claims that political appointees at the bureau have played an inappropriate role in deciding whether the strict rule should be repealed.
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.
Amid some opposition from a key Democrat, NCUA Chairman Rodney Hood told the Senate Banking Committee Tuesday that Congress should decrease capital standards for credit unions, as they respond to economic problems caused by the coronavirus crisis.
Hood said that he would like Congress to authorize a temporary reduction in minimum capital requirements—reducing the level at which credit unions are considered well capitalized from a net-worth ratio of 7% to 6%. He said that the level for “adequately capitalized” credit unions should be cut from 6% to 5%.
NCUA Chairman Rodney Hood will join other financial regulators when they testify before the Senate Banking Committee on May 12.
Democratic senators on Monday demanded that CFPB Director Kathy Kraninger abandon efforts to overhaul the agency’s controversial payday lending rule, contending that political appointees exerted improper influence in the process.
Four credit unions have joined marijuana advocates who are pushing Congress to make marijuana firms eligible for Small Business Administration coronavirus crisis loans.
Congress should expand the ability of all credit unions to serve underserved areas, NCUA Chairman Rodney Hood wrote this week, as he sent Senate Banking Chairman Mike Crapo (R-Id.) a list of legislative changes he believes will help the agency respond to the coronavirus crisis.