Legislation

A statutory safe harbor is needed to allow banks and credit unions to serve state-sanctioned cannabis businesses without the threat of federal prosecution and regulatory repercussion, according to testimony at a recent House Financial Services Committee hearing.

The hearing was the first of the new Congress to address issues surrounding banking and cannabis businesses.

Read on to see what credit union and banking representatives told the committee at the hearing.

In a move reminiscent of the Consumer Financial Protection Bureau’s leadership battle, two Democratic congressional leaders are questioning whether Federal Housing Finance Agency acting director Joseph Otting might have been appointed illegally.

House Financial Services Committee Chairwoman Maxine Waters and Senate Banking Committee Ranking Member Sherrod Brown are claiming Otting’s appointment undermines the FHFA’s independent status.

Read on for an analysis comparing the FHFA and CFPB leadership battles.

The government shutdown is negatively impacting the Treasury Department’s ability to combat domestic and international money laundering, terrorist financing and other financial crimes, according to Rep. Maxine Waters (D-Calif.). 

Waters, chairwoman of the House Financial Services Committee, recently issued a statement on the impact of the shutdown – the longest in the country’s history – on the Treasury’s critical role in the U.S. economy. 

Read on for more from Waters’ statement.

Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger has asked Congress to grant the agency clear authority to supervise for compliance with the Military Lending Act (MLA).

The CFPB recently transmitted a legislative proposal to the speaker of the U.S. House of Representatives and the vice president in his capacity as president of the U.S. Senate.

Read on for Kraninger’s statement on the issue.

Rep. Maxine Waters (D-Calif.) recently issued a statement on the negative impact the longest government shutdown in U.S. history is having on those who rely on U.S. Department of Housing and Urban Development (HUD) rental assistance programs.

Waters, chairwoman of the House Financial Services Committee, accused Republicans of caring more about a “senseless border wall” than safe and affordable housing for millions of U.S. families.

Read on for more from Waters’ statement.

The National Flood Insurance Program (NFIP) has once again been extended – this time for two weeks.

Congress acted Thursday to fund the government through Dec. 21, extending the NFIP through the same day in the process.

Read on for more details on the latest NFIP extension from National Association of Realtors (NAR) Senior Vice President of Government Affairs Shannon McGahn, who called the continuous short-term extensions unsustainable.

As Congress considers legislation which would officially exempt lawyers, law firms and employees from the definition of “debt collector” under the Dodd-Frank Act, the American Bar Association (ABA) is split in its support for the bill.

A group of consumer fellows from the Consumer Financial Services Committee of the ABA wrote to the president to criticize the association’s lobbying efforts to pass the bill.

Read on for details of the ABA dispute and of the legislation being considered.

The House Financial Services Committee recently reported a bill to change TILA/RESPA rules and TRID tolerances to the full House for its consideration.

H.R. 2570, the Mortgage Fairness Act, is designed to amend TILA to revise the definition of “points and fees” under a high-cost mortgage.

Read on for more details on the bill, which proponents deem necessary due to mortgage brokerage fee issues stemming from the final Qualified Mortgage (QM) rule.

The House Financial Services Committee has introduced legislation that would undo many of the Trump administration’s anti-consumer changes designed to dismantle the Consumer Financial Protection Bureau (CFPB).

Ranking member Maxine Waters (D-Calif.), recently announced H.R. 6972, the Consumers First Act, to reverse efforts by Mick Mulvaney, director of the Office of Management and Budget, to do away with the bureau.

Read on for highlights of the bill, which accuses Mulvaney of being unlawfully appointed.

Do vulnerabilities in anti-money laundering laws present an increased risk of criminal activity in the luxury real estate market?

A pair of lawmakers is hoping to find out.

Senators Chris Van Hollen (D-Md.) and Sheldon Whitehouse (D-R.I.) recently wrote to the Government Accountability Office (GAO) asking it to further study the issue. Read on for details, including the potential for criminal activity in the real estate market.