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
The Senate Banking Committee on July 21 will hold a confirmation hearing for Kyle Hauptman, President Trump’s choice to replace J. Mark McWatters on the National Credit Union Administration board.
A bipartisan group of 16 state treasurers is pushing congressional leaders to include marijuana banking provisions in the next pandemic economic stimulus legislation enacted by Congress.
The House Financial Services Appropriations Subcommittee Wednesday approved an FY21 spending measure that calls for $273.5 million for the Community Development Financial Institutions program—less than what many credit unions wanted.
The House Financial Services Appropriations Subcommittee on Wednesday will consider FY21 spending legislation that would provide $273.5 million for the Community Development Financial Institution program.
That would represent an $11.5 million increase from this year’s total, but much less than program advocates wanted. Wednesday’s markup of the financial services funding bill is the first step in the FY21 CDFI appropriations process.
A House committee late Wednesday approved legislation that would continue to provide credit unions—but not banks—free rent on military installations. Voting just before midnight, the House Armed Services Committee approved its version of the huge annual defense authorization legislation 56-0. The bill now goes to the House floor. The bill does not change the rent provision that has been contained in the annual defense bill during the past several years. That provision provides credit unions with free rent on military bases as long as 95% of the membership serviced by the branch are military members. Banks are not provided with
With some $130 billion still in the lending pot, the House and Senate have passed legislation to extend the Small Business Administration’s Paycheck Protection Program through August 8.
The measure now goes to President Trump, who is expected to sign it. The PPP program expired Tuesday.
Ten years after President Obama signed the (Dodd-Frank) Wall Street Reform and Consumer Protection Act, the law has “held up pretty well,” former Rep. Barney Frank (D-Mass.) said Tuesday. Speaking at a virtual conference co-sponsored by the Brookings Institution and the University of Michigan, Frank said that Republican members of Congress have attempted to repeal the Obama Administration’s health overhaul bill “every other week,” but have not mounted a serious attempt to repeal Dodd-Frank. “It was too popular,” Frank said. Obama signed Dodd-Frank on July 21, 2010. The law is informally named after Frank, who chaired the House Financial Services
Monday’s U.S. Supreme Court ruling upending the leadership structure of the Consumer Financial Protection Bureau did little to quell the arguments over the controversial agency and its work.
For credit union trade group and critics of the agency, the ruling did not go far enough since it did not rule the single-director structure unconstitutional. They said they hope the decision will increase the chance that Congress will enact legislation converting the agency into a commission.
Now that the U.S. Supreme Court has refused to overturn the National Credit Union Administration’s Field of Membership rule, the agency will begin implementing the sections of the rule that had been challenged, NCUA Chairman Rodney Hood said Monday.