The NCUA Board proposed chartering and field-of-membership changes, issued its final cyber incident reporting rule, and heard a quarterly update on the share insurance fund, which noted an increase in the fund's equity ratio to 1.30%.
Sens Tim Scott, R-S.C., and and Mike Crapo, R-Idaho, introduced the Prohibiting IRS Financial Surveillance Act, to block Internal Revenue Service (IRS) access to taxpayers’ private transaction information. CUNA strongly supports the bill.
CUNA supports a beneficial ownership information
database as a “significant opportunity to improve the quality and timelines of BOI information for law enforcement and financial institutions,” but believes FinCEN ‘s interpretation is too narrow and is counter to Congressional intent.
CUNA applauds the EPA’s announcement that it will allow eligible nonprofit entities that collaborate with community financing institutions like community development financial institutions and credit unions to obtain competitive grants under the EPA’s Greenhouse Gas Reduction Fund.
Sen. Dianne Feinstein, D-Calif., announced Tuesday she will not seek re-election in 2024. Feinstein has served in the Senate since 1992 and supported legislation to raise the member business lending cap to 27.5% of assets (from the current 12.25%), among others.
CUNA Senior Economist Dawit Kebede said the Labor Department’s January Consumer Price Index Report shows year-over-year and monthly prices came in higher than expected, and an increase in housing prices contributed for half of the monthly rise.
The significant impact of cryptocurrencies on the financial sector and the overall economy cannot be denied, CUNA wrote to the Senate Banking, Housing, and Urban Affairs Committee Tuesday for its hearing on cryptocurrency.
CUNA and other financial services organizations called on CFPB Director Rohit Chopra to intervene to prevent court-ordered Gramm-Leach-Bliley Act violations. The CFPB has general GLBA rulemaking authority and a responsibility to ensure that inconsistent policy does not displace the rule’s requirements.
The Federal Reserve should extend the effective date for its recent Regulation II final rule to Jan. 1, 2025 in order provide debit card issuers time to implement its requirements, CUNA wrote to the Fed. The rule will currently become effective July 1.
Credit Union Magazine’s Spring 2023 issue features the 2023 Credit Union Heroes and examines CUNA-League advocacy priorities, board leadership, the impact of financial well-being efforts, fee-related compliance issues, predictions for the year ahead, and more.