More on Financial Services
Businesses operating in rural and low-income communities will now have two additional opportunities to access federally-guaranteed financing to respond to the impacts of COVID-19.
A House committee approved a bill to protect small businesses from predatory lenders who seize their assets without warning using a legal instrument called a confession of judgment.
The U.S. House Financial Services Committee voted Thursday 31 to 23 to advance the bill. The proposal, introduced by New York Democrat Nydia Velazquez and Roger Marshall, a Republican from Kansas, would ban confessions of judgment in business loans.
WASHINGTON, D.C. - Today, the House passed S. 2155, the “Economic Growth, Regulatory Relief, and Consumer Protection Act.” This legislation provides the much-needed relief to our nation’s community banks and credit unions from the burdensome Dodd-Frank regulations.
“It doesn’t take rocket science to know that one-size-fits-all regulations don’t work," Rep Marshall said. "The community banks in western Kansas handle different types of businesses than banks on Wall Street.”