House Passes Debt Collection Bill that CU Trades Oppose

The House on Thursday passed legislation that would prohibit the Consumer Financial Protection Bureau from finalizing its most recent debt collection rule and would place other restrictions on the collection industry—legislation that credit union and banking trade groups oppose.

The House passed H.R. 2547 on a vote of 215-207; it now goes to the Senate, where its future is unclear.

Senate Passes Resolution to Kill OCC ‘Rent-a-Bank’ Rule

The Senate on Tuesday passed a resolution that would rescind a Trump Administration rule that credit union trade groups say allows predatory online lenders to “rent” a bank to evade consumer protection laws.

The Senate passed the resolution 52-47; it now goes to the House. If the House passes it and President Biden signs it, the rule, issued by the Trump Administration’s Office of the Comptroller of the Currency, would be rescinded. In addition, the OCC would be prohibited from issuing a rule that would accomplish the same goal.

CU Trade Groups Support Democratic Effort to Repeal OCC ‘Rent-a-Bank’ Rule

Credit union trade groups are throwing their support behind a congressional effort to rescind a Trump Administration rule they contend allows predatory online lenders to “rent” a bank to evade consumer protection laws.

The Office of the Comptroller of the Currency adopted the rule in the last administration and the Senate may soon consider a resolution that would kill it.

Harper’s Term Has Expired. Now What?

It may seem as if Todd Harper just joined the National Credit Union Administration board, but actually his term expired last month.

Harper, who now may be removed at any time by President Biden, said through a spokesperson that he intends to stay in his position as long as the president wants him to serve. So far Biden has given no indication that he wants to remove Harper, sources familiar with board operations said.

House Financial Services Dems Push for $8.5 Million Boost for Credit Union Community Development Fund

Democrats on the House Financial Services Committee are asking congressional budget writers for an $8.5 million increase for the National Credit Union Administration’s Community Development Revolving Loan Fund in FY22.

That represents an increase of almost 567% over the $1.5 million the program received during the current fiscal year. The Democrats said that 40% of the CDRLF funds should be set aside for Minority Depository Institutions.