Finance, investment and tax-related legislation

Moderates on the Financial Services Committee are attempting to block legislation that would extend the 36% interest rate cap on loans to military personnel to all consumers.

Bankers had worried about Rep. Maxine Waters' control of the Financial Services Committee, but many now say the Democrat’s working relationship with the panel’s top Republican is refreshing.

A special committee in the state Senate has recommended not to move forward on a proposed bill to tax credit unions above a certain asset threshold.

The Senate Banking Committee chairman said he wants to revise legislation enabling banks to serve marijuana businesses to ensure it does not benefit vaping providers that have sparked safety concerns.

One bill would tax credit unions in the Sunflower State with at least $100 million in assets.

As Banking Committee Chairman Mike Crapo works on legislation enabling banks to serve cannabis businesses, one area of focus is combating risks tied to “legacy cash” that has accumulated in the marijuana industry.

The legislation included changes designed to attract more Republican support, which is key to the measure ultimately becoming law.

The Banking Committee chairman's comments have advanced legislative efforts, but questions remain about where he'll take the issue.

The legislation takes aim at third-party bank service vendors, the backlog of FHA appraisals, rural housing assistance and other issues where there is broad agreement.

The Treasury secretary said he hopes lawmakers will back reforms of Fannie Mae and Freddie Mac within three to six months.

The 2020 election is shaping up to be a key yardstick for legislation expanding cannabis firms’ financial services access.

The Senate is also expected to pass a budget deal that will increase spending and suspend the debt ceiling.

Despite the Senate Banking Committee’s willingness to discuss the issue, Republican support for legislation is still in question.

Lawmakers will hear from a credit union executive on cannabis banking while also considering issues such as the use of alternative data in underwriting.

Lawmakers from both parties strongly criticized Libra this week, but largely steered clear of proposals to stop it.

Members from states threatened by storms say their proposal is better for consumers than recent legislation passed by the House Financial Services Committee.

Lawmakers circulated a bill just ahead of hearings on Facebook’s Libra cryptocurrency that would prohibit companies with over $25 billion in annual revenue from launching a digital financial asset.

Lawmakers have just three weeks before their August recess to make a host of decisions on issues related to credit unions.

Credit unions have a busy week ahead of them in Washington, including more than half a dozen bills that could impact the industry.

The attorney general told lawmakers that exempting states that have legalized marijuana from the federal ban is better than the current system where state and federal laws are in conflict.