WASHINGTON, D.C. – Today in a hearing entitled “The Administration’s Response to the Economic Crisis” the Select Committee on the Coronavirus Crisis, Congressman Blaine Luetkemeyer (MO-03) discussed the economic effects of the coronavirus with Treasury Secretary Steven Mnuchin. Click HERE to watch.  Congressman Luetkemeyer: “Mr. Secretary, you and… Read more »

WASHINGTON, D.C. – On Friday, Congressman Blaine Luetkemeyer (MO-03) introduced a bill that would help financial institutions provide flexibility and forbearance to their customers following the economic interruption caused by COVID-19. “The COVID-19 pandemic has created an uncertain economic climate for the entire country. It has become clear that as the shutdown has lingered… Read more »

WASHINGTON, D.C. – On Friday, Congressman Blaine Luetkemeyer (MO-03) introduced a bill that would permanently eliminate the harmful Current Expected Credit Loss (CECL) accounting standard.  “COVID-19 has created a real-life case study of CECL’s procyclicality and has shown it wreaks havoc on the balance sheets of financial institutions, specifically in an economic… Read more »

WASHINGTON, D.C. – Today, the House Financial Services Committee held a hearing on the HEROES Act, the Democrats’ partisan wish list. This bill is the most expensive spending package in United States history and includes provisions that would place costly burdens on small businesses and incentivize workers to stay home. Congressman Blaine Luetkemeyer (MO-03) expressed serious concern… Read more »

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… Read more »

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… Read more »

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… Read more »

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… Read more »

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… Read more »

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… Read more »