Financial Services

Luetkemeyer Statement on Supreme Court CFPB Ruling

| Posted in Press Releases

WASHINGTON, D.C. – Congressman Blaine Luetkemeyer (MO-03) released the following statement regarding the Supreme Court case, Seila Law v. Consumer Financial Protection Bureau in which the Court ruled today that the current director’s position is unconstitutional and should be removeable at the will of the president. “Today the Supreme Court confirmed what many of us have been saying for years: the... Read more »

Luetkemeyer on Democrats’ Letters Regarding PPP Implementation

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WASHINGTON, D.C. – Congressman Blaine Luetkemeyer (MO-03) released the following statement in response to letters sent by Select Committee on the Coronavirus Crisis Democrats scrutinizing the Paycheck Protection Program. “When America’s small businesses needed emergency funding to survive the massive economic interruption caused by COVID-19, Congress – including all seven Democrats on the Select C... Read more »

Luetkemeyer Thanks Comptroller Otting

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WASHINGTON, D.C. – Today, Congressman Blaine Luetkemeyer (MO-03), Ranking Member of the Subcommittee on Consumer Protection and Financial Institutions released a statement regarding Joseph Otting’s announcement that he will step down as Comptroller of the Currency. “Comptroller Otting brought real world experience to the OCC and showed a willingness to work with members of Congress and our constit... Read more »

Luetkemeyer on OCC’s Modernization of the Community Reinvestment Act

| Posted in Press Releases

WASHINGTON, D.C. – Today, Congressman Blaine Luetkemeyer (MO-03) released a statement regarding the final rule release by the Office of the Comptroller of the Currency (OCC) to modernize the Community Reinvestment Act (CRA): “This update comes at a very welcome time. From the largest cities in America to the smallest town in rural Missouri, everyone has been affected by the economic fallout caused... Read more »

Luetkemeyer Statement on Federal Regulators’ Two-Year CECL Delay

| Posted in Press Releases

WASHINGTON, D.C. – Congressman Blaine Luetkemeyer (MO-03) released the following statement regarding a two-year delay in the capital requirements of the Current Expected Credit Loss (CECL) accounting standard from federal regulators that was announced today. “Today’s announcement should be the nail in the coffin for CECL. For years financial institutions, consumer advocates, members of Congress fr... Read more »

Luetkemeyer on Inclusion of Short-Term CECL Delay in Phase Three Coronavirus Funding Bill

| Posted in Press Releases

WASHINGTON, D.C. – Today, Congressman Blaine Luetkemeyer (MO-03) released the following statement regarding the short-term implementation delay of the Current Expected Credit Loss (CECL) accounting standard that has been included in the phase three coronavirus funding bill. “The inclusion of a short-term CECL delay is a good start, but there is more to be done. This provision acknowledges the proc... Read more »

Luetkemeyer, Meeks Send Letter Urging FASB to Suspend CECL Implementation

| Posted in Press Releases

WASHINGTON, D.C. – Today, Congressman Blaine Luetkemeyer (MO-03) joined Congressman Gregory Meeks (NY-05) in sending a letter urging the Financial Accounting Standard Board (FASB) to suspend implementation of the Current Expected Credit Loss (CECL) accounting standard in response to the coronavirus. “There is simply too much uncertainty at this time to implement a foundational change to our financ... Read more »

Luetkemeyer Leads Letter to Congressional Leadership Requesting Inclusion of CECL Delay in Third Coronavirus Package

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WASHINGTON, D.C. – Today, Congressman Blaine Luetkemeyer (MO-03) led a letter to Congressional Leadership requesting a delay in the Current Expected Credit Loss (CECL) accounting standard be included in Congress’ third coronavirus funding package. “It is clear that CECL poses a significant threat to exacerbate the current economic instability and could blunt the effectiveness of the measures alrea... Read more »

Luetkemeyer Introduces Bill to Delay CECL for Institutions Impacted by Coronavirus

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WASHINGTON, D.C. – Today, Congressman Blaine Luetkemeyer (R-MO), Ranking Member of the Subcommittee on Consumer Protection and Financial Institutions introduced the Coronavirus Accounting Relief Act. This legislation would prohibit financial regulators from requiring compliance with the Current Expected Credit Loss (CECL) accounting standard for six months for any entity impacted by the coronaviru... Read more »

Luetkemeyer Introduces Bill to Create CFPB Commission

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WASHINGTON, D.C. – Today, Congressman Blaine Luetkemeyer (R-MO), Ranking Member of the Subcommittee on Consumer Protection and Financial Institutions, introduced a bill to replace the position of the Director at the Consumer Financial Protection Bureau (CFPB) with a five-member bipartisan commission. “As former CFPB Director Mick Mulvaney said himself, the CFPB’s ‘lack of accountability to any rep... Read more »