WASHINGTON–Two financial services bills of interest to credit unions are set for mark up before the House Financial Services Committee on March 27.
House Financial Services Committee Chair Maxine Waters (D-CA) said the committee will mark up two bills, the first related to the CFPB, the second related to providing banking services to cannabis-related business.
The first piece of legislation, the Consumers First Act (H.R. 1500), as released in draft form earlier this month, would reverse Consumer Financial Protection Bureau actions carried out under the direction of former acting director Mick Mulvaney with respect to the Bureau’s staffing, funding, operations, supervision, advisory councils, and more.
The bill states it is “sense of the Congress” the Bureau “should meet its statutory purpose in a transparent and accountable manner by operating in a way that is consistent with both the spirit and plain letter of the law.” The bill also includes additional language that offers a point-by-point repudiation of actions taken by Mulvaney while he was acting director. Mulvaney is currently White House chief of staff.
Second Markup
The second markup will be held on the Secure and Fair Enforcement Banking Act (SAFE Banking Act), which would give legal cannabis-related businesses access to financial institution services and exempt from federal prosecution (or investigation) financial institutions and employees solely for providing services to state-authorized cannabis-related businesses.
The SAFE Act has 29 co-sponsors. As CUToday.info reported earlier, the SAFE Banking Act was introduced by Rep. Ed Perlmutter (D-CO) and Reps. Denny Heck (D-WA), Steve Stivers (R-OH), and Warren Davidson (R-OH) among its 138 cosponsors.
Markup on the bills will begin at 2 p.m.