PATH Act Heads to House Floor
The House Financial Services Committee on Wednesday passed the Protecting American Taxpayers and Homeowners Act by a vote of 30-27.
The bill, which now faces a vote on the floor of the House, would eliminate Fannie Mae and Freddie Mac and largely privatize the secondary mortgage market. Read More
Udall, Bennet Amendments Would Help Colorado Communities
U.S. Sens. Mark Udall and Michael Bennet have proposed requiring the Federal Railroad Administration to work with Colorado communities in examining and considering revisions to that agency's train horn rules. Read More
House Dem Sues to Stop Fracking
Rep. Jared Polis (D-Colo.) is suing to halt a hydraulic fracturing, or fracking, operation near a Colorado property he owns
Polis told the Boulder Daily Camera that he wanted to take a more vocal stand on fracking, commenting that Colorado laws are "outrageously out of touch in terms of protecting property." Read More
Jump-starting Economic Development
Last Thursday, I introduced legislation to jump-start economic development in rural and urban areas. The Philanthropic Facilitation Act would make it easier for foundations and other philanthropic organizations to contribute financially to job creators across the country. The bill works by streamlining the approval process that determines eligible recipients of charitable investments. Read More
Senate Relief Bill Would Help CUs
Sens. Jon Tester (D-Mont.) and Jerry Moran (R-Kan.), both members of the Senate Banking Committee, are preparing to introduce a bill that would provide some regulatory relief for both community banks and credit unions.
The House bill was introduced this Spring by Rep. Blaine Luekemeyer (R-Mo.).
The Senate CLEAR Act would provide regulatory relief to credit unions and community banks, though focuses on banks. The Senate bill includes four key provisions, two of which would benefit credit unions. Read More
Cheney To Obama: Include MBLs In Econ Aid Packages
Credit Union National Association President/CEO Bill Cheney has encouraged President Barack Obama to "include authority for credit unions to provide more credit to small businesses, which will create at least 140,000 jobs in the first year in communities across the country without the expenditure of a single tax dollar" in any legislative jobs package his administration develops. Read More
U.S. District Court Dispenses With Debit Cap
U.S. District Court Judge Richard Leon has invalidated the Federal Reserve's cap on debit interchange for debit issuers with over $10 billion in assets and ordered the regulator recalculate it.
The Fed established the debit cap in accord with regulation it put into place to enforce an amendment to the Dodd Frank financial reform law that was named for its chief sponsor, Sen. Richard Durbin (D-Ill.) Read More
This week, both the House and the Senate are in session this week. Floor Schedule
The House is expected to consider the Defense Appropriations bill, the Energy Consumers Relief Act of 2013 (H.R. 1582) and the Coal Residuals Reuse and Management Act of 2013 (H.R. 2218). The Senate is expected to renew the motion to proceed to the Transportation, Housing and Urban Development, and Related Agencies Appropriations bill (S.1243). READ MORE
Sen. Brown (D-Ohio) Outlines Upcoming Overdraft Bill
Legislation that aims to prevent financial institutions from reordering account deposits and withdrawals to maximize the amount of overdraft fees that may be charged to accountholders was announced by Sen. Sherrod Brown (D-Ohio) on Monday.
The senator outlined the bill, which has not been introduced in the Senate, at a press conference in Cleveland. "Banks should play by the rules instead of purposefully 'reordering' their costumers' debit card transactions so that they profit while consumers rack up costly penalties," he said. Read More
Supplemental Capital Bill Hinges on Elusive Bank-CU Collaboration: Onsite Coverage
Credit unions and banks work together in their communities, and if they could elevate that spirit of collaboration to the federal level, it could result in capital reforms for both types of financial institutions, said Linda Armyn, senior vice president of corporate strategy for the $5.3 billion Bethpage FCU.
Armyn made the remark while moderating a legislative briefing Thursday on Capitol Hill in support of H.R. 719, the Expanding Consumer Access to Affordable Financial Services Act, which would give credit unions access to supplemental capital. The bill currently has 38 co-sponsors: 28 are Democrats, and 10 are Republicans. Read More
Rep. Cory Gardner - Making Changes at the IRS
Recently, Rep. Cory Gardner (R-CO) introduced legislation aimed at preventing future politicization at the Internal Revenue Service (IRS). The Preventing Unionization of Revenue Service Employees (PURSE) Act would add the IRS to a list of government agencies whose employees are specifically prohibited from joining unions that enter into collective bargaining agreements with their agencies. That group currently includes employees of the Government Accountability Office, the FBI and CIA, and the Secret Service. Read the full press release
Perlmutter Introduces Marijuana Banking Bill
Colorado Congressman Ed Perlmutter, (D) Boulder, introduced legislation Wednesday that seeks to resolve conflicts in federal and state law that currently prevent marijuana business owners from opening bank accounts.
Under current law, bankers and bank employees run the risk of being prosecuted under federal anti-money laundering statutes if they offer accounts for marijuana business owners because the drug is still illegal in the eyes of the federal government. Read More
Senate Reaches Tentative Deal to Avoid Nuclear Option on Filibuster
Senate leaders are close to a deal on executive branch nominees that would stop Democrats from triggering a controversial rules change known as the nuclear option.
Senate Majority Leader Harry Reid (D-Nev.) said he would update Democratic colleagues on the deal on seven of President Obama’s nominees at a caucus meeting later in the day.
“We may have a way forward on this,” Reid announced on the Senate floor. “I feel fairly confident. Read More
Regulators Propose Exemptions to Upcoming Dodd-Frank Appraisal Rules
The NCUA and five other agencies on Wednesday issued a proposed rule that would exempt some higher-priced mortgage loans from certain appraisal requirements.
The rule would exempt from Dodd-Frank Act appraisal requirements: loans of $25,000 or less; certain “streamlined” refinancings; and certain loans secured by manufactured housing. The banking reform act considers loans to be higher-priced if they are secured by a borrower’s home and have interest rates of a certain threshold, the agencies’ announcement said. Read More
This week, both the House and the Senate are back in Washington following the Independence Day work period. Floor Schedule
This week, the House is expected to consider the “Energy and Water Development, and Related Agencies Appropriations Act, 2014” (H.R. 2069), the “National Strategic and Critical Minerals Production Act of 2013” (H.R. 761) and possibly the “Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 2014” (H.R. 2410). No votes are expected in the House on Friday. READ MORE