Politico, one of the most influential Beltway publications, covered the major CUNA/League efforts to oppose expanded Internal Revenue Service (IRS) reporting, which was left out of reconciliation legislation released Thursday.
A provision requiring increased financial institution reporting to the IRS was not included in reconciliation legislation unveiled by Congressional leaders today. CUNA, Leagues, and credit unions helped generate more than 785,000 messages to Capitol Hill sharing concerns with the proposal.
The White House's reconciliation framework does not contain the credit union-opposed provision requiring increased reporting to the Internal Revenue Service, according to reports Thursday. CUNA, Leagues, and credit unions strongly pushed back against the proposed provision since it was first discussed in the summer.
The proposal to expand IRS reporting requirements for financial institutions is a damaging, unprecedented, and severely flawed public policy, Desert Valleys CU President/CEO Eric Bruen told members of Congress during a live roundtable Thursday.
Twenty-one Democratic House members wrote in opposition of expanded Internal Revenue Service (IRS) reporting requirements to Speaker of the House Nancy Pelosi (D-Calif.) and House Ways and Means Committee Chairman Rep. Richard Neal (D-Mass.) Wednesday.
Credit unions will fall behind without NCUA action on credit unions’ ability to purchase digital assets, especially on whether credit unions can provide digital asset custody and whether NCUA allow CUSOs the ability to provide cryptocurrency-related services.
CUNA supports NCUA’s proposed “grandfather” provision in its secondary capital proposal, it wrote to the agency Wednesday. The proposal would benefit eligible low-income credit unions participating in the Treasury’s Emergency Capital Investment Program.
The CFPB missed many opportunities in its first decade of existence to leverage the credit union mission for consumers, CUNA wrote prior to CFPB Director Rohit Chopra's testimony before the House Financial Services Committee, adding that new CFPB leadership can recalibrate this approach.
The Federal Communications Commission should delay implementing its call-blocking deadline, CUNA and other organizations wrote in an ex parte letter filed in response to a petition regarding requirements that voice service providers that block calls notify callers of the block using certain codes.
The expanded Internal Revenue Service (IRS) reporting proposal should be withdrawn and the administration should look at more targeted methods of tax enforcement, CUNA and other organizations wrote President Joe Biden Monday.
Credit Union Magazine’s Fall 2023 issue examines how artificial intelligence is shaping marketing, strategies to improve cyber hygiene and overall cybersecurity, the need to employ risk management to address inflation and its impacts, new approaches to board recruiting, and NCUA’s top supervisory priorities.