Privacy and data security concerns are among the top issues with proposed increased reporting requirements, CUNA wrote Tuesday in support of a bill that would prevent a proposal requiring financial institutions to report large amounts of account information to the IRS from being implemented.

Congress must take legislative action to ensure that credit unions remain in a position to serve their members, including provide flexibility to NCUA to offer PCA, exempt pandemic member business loans from the cap, and remove field of membership restrictions.

The House Financial Services Committee will discuss several credit union-related bills in a hearing this week, and Treasury and Federal Reserve leaders will testify before committees in both chambers. Funding for the federal government expires Sept. 30.

CUNA encourages Congress to enact legislation that provides flexibility to NCUA to offer forbearance from prompt corrective action to otherwise healthy credit unions impacted by federally declared emergencies or disaster, as the pandemic caused lending to slow and deposits to increase.

The Cornerstone League has announced the launch of a new podcast, The Cornerstone League Podcast, which aims to provide credit union professionals with resources to advance credit unions’ success across the Cornerstone region.

The House of Representatives passed the fiscal year 2022 National Defense Authorization Act Thursday with two CUNA-backed amendments and without language CUNA, Leagues and credit unions fought to exclude.

The NCUA board approved an item to place NCUA's CUSO, field of membership shared facilities, and mortgage servicing rights final rules on upcoming board meeting agendas through the end of the year. It also approved a subordinated debt proposal Thursday.

CUNA Chief Advocacy Officer Ryan Donovan spoke with NBC25 News in Michigan this week about credit unions’ opposition in increased reporting requirements and what comes next after the House Ways and Means committee passed their bill without the troublesome language.

CUNA wrote in support of several amendments to the FY22 National Defense Authorization Act Wednesday, prior to the House vote on the bill. A CUNA-supported amendment was successfully added late Tuesday that would include the SAFE Banking Act.

The Consumer Financial Protection Bureau announced the appointment of new advisory committee members Wednesday, including for the Credit Union Advisory Council. The CUAC advises and consults with the CFPB on consumer financial issues related to credit unions.