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Waters Announces Financial Services Suspension Victories

Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, announced passage of the following bills under suspension of the rules:

  • H.R. 6889, the “Credit Union Board Modernization Act” is a bill offered by Representative Juan Vargas (D-CA) that would reduce the minimum number of board of director meetings for Federal credit unions that are highly rated by their regulator. Specifically, Federal credit unions with a composite rating of either 1 or 2 and a management rating of 1 or 2 under the National Credit Union Administration’s (NCUA) CAMELS rating system (which are examination grades on a scale of 1 to 5, with 1 being the highest score) would be required to meet at least six times annually, instead of 12 times, with at least one meeting held during each fiscal quarter. De novo Federal credit unions would still have to meet at least monthly during the first five years of their charter, as well as Federal credit unions with composite ratings of either 3, 4, or 5 or with a management rating of either 3, 4, or 5.

    • Passed the House by 296-127 as part of an en bloc vote.

  • H.R. 2710, the “Banking Transparency for Sanctioned Persons Act of 2021” is a bill offered by Representative Bryan Steil (R-WI) that would require the Department of the Treasury to report to Congress semiannually with a copy of any license issued by the Secretary of Treasury in the preceding 180 days that authorizes a U.S. financial institution to provide financial services benefitting a state sponsor of terrorism and certain other sanctioned entities such as human rights abusers and corrupt officials. The bill allows the report to contain a classified annex to protect confidential information. The bill sunsets 7 years after enactment of the Act.

    • Passed the House by a voice vote.


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