The Senate Banking, Housing, and Urban Affairs Committee will hear testimony from President Joe Biden’s nominee to lead Ginnie Mae, and there will be a Joint Economic Committee meeting on funding the Build Back Better Act this week.

Increased financial institution reporting to the IRS is bad for consumers, Mountain West Credit Union Association President/CEO Scott Earl wrote in AZCentral in response proposed language to require the additional reporting.

CUNA Senior Economist Dawit Kebede gives an update to the previous June forecast in this month's Economic Update, as well as a run-down of some key figures heading into the fourth quarter of 2021 and the historic low charge-off rate in the second quarter. 

A CUNA-supported House bill was introduced Friday that would prohibit implementation of any expanded Internal Revenue Service (IRS) financial institution reporting requirements. The bill follows a Senate companion bill introduced last week.

Ten Leagues representing credit unions from 15 states have met with policymakers in-person and virtually over the past two weeks, part of credit unions’ fall advocacy efforts. In addition to members of Congress, many Leagues and credit unions met with staff at NCUA, CFPB, and others.

The CUNA-supported Expanding Financial Access for Underserved Communities Act would ensure small businesses would be able to access the capital they need, and financial inclusion and access to capital are critical to ensuring the survival of vulnerable small businesses.

NCUA Chairman Todd Harper testified before the Senate Banking, Housing, and Urban Affairs Committee Thursday. Harper—who joined the board in 2019 and was named chairman in January—has been re-nominated by President Joe Biden for an additional term.

The Senate Thursday confirmed Rohit Chopra to be the next director of the CFPB. Chopra comes to the CFPB from the Federal Trade Commission where he was a commissioner. He previously served as assistant director and student loan ombudsman at the CFPB

The House and Senate both passed a continuing resolution Thursday to fund the federal government through Dec. 3, hours before funding was set to expire.

Additional Congressional action will be needed to address the economic consequences of the pandemic, including legislation that provides relief and spurs economic growth for credit unions, their members, and communities.