House Financial Services Committee Republicans are warning new Consumer Financial Protection Bureau Director Rohit Chopra that he had better not return the agency to the days of “regulation by enforcement.”
Blaming Republicans and a lobbyist-generated uproar, congressional Democrats on Tuesday proposed requiring banks and credit unions to report inflows and outflows of at least $10,000 to the Internal Revenue Service—an increase from the $600 in their original plan.
A New York City taxi medallion relief plan touted by Mayor Bill de Blasio does not provide enough help to taxi drivers laden with loans, many of which were made by credit unions, key New York Democratic members of Congress said last week.
Contending that banking regulators have rubber-stamped thousands of mergers, two Democratic lawmakers have introduced legislation that would require a more thorough review of such deals.
The bill, introduced in the Senate by Sen. Elizabeth Warren, D-Mass. and in the House by Rep. Jesús “Chuy” García, D-Ill., does not include credit union deals in the list of mergers they believe should be more closely reviewed.
Postal banking has arrived.
At least in a small way.
The U.S. Postal Service is testing a pilot program in four locations that allows customers to use payroll checks and business checks to purchase gift cards, a Postal Service spokesperson said Monday.
The National Flood Insurance Program received a temporary last-minute reprieve last week, but lawmakers are warning that insurance premiums for many people are likely to increase without additional action by the Biden Administration.
Citing deficiencies that National Credit Union Administration examiners found during the past year, board Chairman Todd Harper renewed his call Thursday for the agency to develop a separate consumer protection examination.
“We should be going in and looking at [credit union] consumer protection compliance systems,” Harper said, during his confirmation hearing before the Senate Banking Committee.
By a slim margin, the Senate on Thursday confirmed Rohit Chopra as director of the Consumer Financial Protection Bureau.
Rohit Chopra came one step closer to being confirmed as Consumer Financial Protection Bureau director Tuesday evening.
The Senate voted 49-48 on a party-line vote to discharge Chopra’s nomination from the Senate Banking Committee. The vote was necessary because the Banking Committee earlier this year deadlocked 12-12 on the nomination.
If it’s September, it’s time for the authorization for the National Flood Insurance Program to expire.