The House Ways and Means Committee concluded its markup of the budget reconciliation bill Wednesday, advancing the legislation without CUNA and League-opposed language calling for increased reporting requirements. Credit union staff and members have sent more than 155,000 messages in opposition to expanding IRS reporting requirements.
The Treasury and FHFA Tuesday announced the suspension of several parts of the 2021 Preferred Stock Purchase Agreements. CUNA brought credit union concerns to the attention of FHFA Acting Director Sandra Thompson on several of the suspended provisions..
Credit unions remain extremely concerned with—and strongly oppose—a proposal that would require financial institutions to report additional information to the IRS. This proposal has been discussed as part of infrastructure negotiations, but it is not present in the current House draft legislation.
President Joe Biden Wednesday nominated Alanna McCargo to serve as president of Ginnie Mae. She currently serves as senior advisor for housing finance at HUD, and has focused on how America’s housing finance system can "equitably provide credit and capital" during her career.
Rep. Tom Emmer (R-Minn.) sent a letter to Congressional, Treasury, and IRS leaders with concerns over a proposal that would require increased reporting to the IRS from financial institutions. The letter was signed by 142 members of Congress after weeks of CUNA-League engagement.
CUNA supports the Federal Reserve Board’s ongoing development of the FedNow service and rule updates needed to operate FedNow, it wrote in response to proposed amendments to govern funds transfers through the Federal Reserve Banks’ new FedNow service.
The Credit Union Awareness initiative is making significant progress towards the goal of increasing consumer consideration for the credit union category, according to the July 2021 bi-annual research results conducted by CU Awareness, LLC.
CUNA issued an action alert Wednesday urging credit unions to share their concerns about the proposal that would require financial institutions to report money moving into and out of accounts to the Internal Revenue Service.
CUNA generally supports the Federal Housing Finance Agency’s thorough enforcement of fair lending laws but urges the agency to ensure this monitoring and enforcement does not generate costly new requirements or increased regulatory burden.
Reps. Vicente Gonzalez (D-Texas) and Brian Fitzpatrick (R-Pa.) introduced a CUNA-backed bill Tuesday to give NCUA the flexibility t raise the maturity limits on loans made by federal credit unions and to raise the de minimis member business lending cap threshold.