The Democratic staff of the House Coronavirus Crisis Subcommittee issued a report on the Paycheck Protection Program. The report says the PPP has been plagued by waste and fraud and that both lenders and a lack of oversight from the Small Business Administration and the Treasury Department are to blame.
The Consumer Financial Protection Bureau may have rescinded large parts of its payday lending rule, but the parts that remain are “unnecessary, arbitrary, capricious, overreaching, procedurally improper, and substantially harmful to lenders and borrowers alike,” associations representing payday lenders said last week, in an amended suit challenging the rule.
The Consumer Financial Services Association of America and its Texas affiliate had challenged the strict payday lending rule issued during the Obama Administration in the U.S. District Court for the Western District of Texas in 2018.
Many credit unions will not implement the recent Executive Order giving employees a deferral of their payroll taxes, the National Association of Federally-Insured Credit Unions and many other groups warned Tuesday.
Wednesday’s “surprise” announcement that Fannie Mae and Freddie Mac will impose a new 0.5% fee on Fannie Mae and Freddie Mac refinance mortgages will hurt homeowners struggling through the coronavirus economic crisis and will harm efforts to help the economy recover, a broad coalition of credit union, banking, housing and consumer groups said Thursday.
Borrowers—not financial institutions—are responsible for accurately calculating their payroll costs as they apply for loan forgiveness under the Paycheck Protection Program, the Small Business Administration said this week.
With talks over an economic stimulus bill seemingly stalled, the Republican leaders of two House committees are asking House Speaker Nancy Pelosi (D-Calif.) to put away her “wish list” and simply concentrate on renewing the Small Business Administration’s Paycheck Protection Program and shoring up other SBA loan programs.
Senate Republican plans to provide liability immunity to businesses as they reopen following the pandemic are “unconscionable,” 42 senators said this week in a letter to Majority Leader Mitch McConnell (R-Ky.). The group, which includes Democrats and Sen. Bernie Sanders (I-Vt.), would be enough to block Senate consideration of pandemic-related legislation if the senators decide it is a large enough issue to oppose the overall bill. Due to the filibuster rule it often takes 60, rather than 51 senators, for controversial legislation to pass the Senate. The immunity provisions remain a sticking point as lawmakers and the Trump Administration try
As negotiators attempt to find common ground on the next round of coronavirus economic stimulus measures, financial trade groups Thursday urged lawmakers and federal agencies not to make piecemeal changes to the Paycheck Protection Program if it is reauthorized.
The Senate Banking Committee on Tuesday recommended that the full Senate confirm Kyle Hauptman as a member of the NCUA board.
If confirmed by the Senate, Hauptman, a Republican, would replace J. Mark McWatters, also a Republican.
Acting Comptroller of the Currency, Scott Brooks is under fire for seeking feedback on a proposal to offer narrow-purpose bank charters for activities such as payments—a plan that has been blasted as serving special interests, including one that formerly employed him.