Financial services companies would continue to make loans—and make money on the deals—if Congress decides to place a 36% interest rate cap on short-term loans, Richard Williams, president/CEO of the Essential Credit Union told a Senate committee Wednesday.
The Federal Housing Finance Agency on Friday announced that on Aug. 1, it will eliminate a controversial 0.5% fee on refinancing of Freddie Mac and Fannie Mae mortgages, a fee that the Trump Administration had said was needed to help the Enterprises weather the coronavirus economic crisis.
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.
Key Democratic senators vowed Wednesday to block marijuana banking legislation unless it is enacted as part of a comprehensive federal cannabis legalization measure.
Republicans on the Senate Banking Committee are accusing Consumer Financial Protection Bureau Director-nominee Rohit Chopra of stonewalling and refusing to answer questions about allegations that career employees are being pushed out of the agency.
President Biden last week announced his intention to nominate Acting Consumer Financial Protection Bureau Director Dave Uejio to a key position at the Department of Housing and Urban Development.
If confirmed by the Senate, Uejio would become HUD’s assistant secretary for fair housing and equal opportunity.
The ranking Republican on the Senate Banking Committee is asking for an investigation into allegations that the Biden Administration’s Consumer Financial Protection Bureau is pushing out top career-level civil servants in an effort to fill the positions with the people who agree with the agency’s new leadership.
The Consumer Financial Protection Bureau is delaying most new regulatory decisions until the Senate votes on the nomination of Rohit Chopra to serve as the agency’s director, the CFPB said Friday in its Spring regulatory agenda.
President Biden Thursday asked the nation’s financial regulators to assess and reduce the risks that climate change pose to the stability of the financial system.
National Credit Union Administration Chairman Todd Harper asked the House Financial Services Committee Wednesday to push legislation that would give the agency more flexibility to impose premiums to shore up the agency’s Share Insurance Fund.