The House Financial Services Committee on Wednesday approved legislation which would require federal financial regulators to develop a strategic plan to encourage the chartering of new credit unions and banks. The panel approved H.R 4590 by voice vote. The bill, sponsored by Rep. Jake Auchincloss, D-Mass., would require the regulators to conduct an 18-month study examining the challenges that newly chartered credit unions and banks face. Following that study, the regulators would be required to develop a strategic plan to promote creation of new financial institutions, particularly minority depository institutions and community development financial institutions. In a memo prepared for
Credit trade groups are continuing to press the National Credit Union Administration to lower its Normal Operating Level to 1.30%–a request that so far has been denied.
Credit union and banking political action committees have resumed making campaign contributions to House members who objected to the certification of some states’ Electoral College votes on Jan. 6.
Members of a House subcommittee and financial services experts agreed Wednesday that providing financial services to the unbanked should be a high priority for policymakers.
But they did not agree on how to solve the problem.
On July 13, when federal banking regulators issued proposed guidance governing financial institution monitoring of third-party service providers, one agency was notably absent: the National Credit Union Administration.
Key Democratic senators vowed Wednesday to block marijuana banking legislation unless it is enacted as part of a comprehensive federal cannabis legalization measure.
The nation’s community bankers are calling on the Biden Administration to support legislation imposing a tax on credit union acquisitions of banks.
House Democrats, led by Rep. Carolyn Maloney, D-N.Y., are renewing efforts to rein in overdraft fees charged by financial institutions.
Maloney, who was joined by 31 Democratic colleagues in introducing H.R. 4277, has introduced similar legislation each Congress since 2009.
Credit union trade groups are warning Congress that proposals to establish a public credit reporting agency within the Consumer Financial Protection Bureau would give the agency enormous new power that it should not have.
The House on Thursday passed legislation that would expand reporting requirements under the Equal Credit Opportunity Act to LGBTQ-owned businesses.
The House passed H.R. 1443, in a 252-176 vote. The bill now goes to the Senate. The Biden Administration has indicated that if it passes the Senate, the president will sign the measure.