Written by Steve Van Beek
This afternoon the House Financial Institutions Subcommittee will hear testimony on H.R. 1418 - the Small Business Lending Enhancement Act. In September, we blogged on the details of H.R. 1418. The increase in each credit union's Member Business Lending cap would not be automatic if this legislation passed and was signed by President Obama.
Gary Grinnell, CEO of Corning CU, will testify on behalf of NAFCU. NAFCU Today has additional details on today's hearing.
The Senate Banking Committee voted last Thursday on Richard Cordray's nomination to be Director of the Consumer Financial Protection Bureau. The Committee voted along party lines (12 Democrats for, 10 Republicans against). It is unclear when and if the full Senate will take up Cordray's nomination.
Without changes to the CFPB's structure, it may continue to be a waiting game for a CFPB Director.
Even without a Senate-confirmed Director, the CFPB can amend existing regulations impacting credit unions (such as Truth in Savings). For a more detailed discussion of the CFPB's powers without a Director, check out this June 2011 blog post.
NAFCU Members. The October issue of the BSA Blast is now available.