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.

A proposal requiring increased financial institution reporting to the IRS is fundamentally flawed, CUNA Chief Advocacy Officer Ryan Donovan wrote to all 535 Congressional offices Wednesday citing concerns about the privacy of their nontax-related financial information.

Credit unions strongly support the enactment of a national data security and data privacy law that includes robust security standards that apply to all who collect or hold personal data and is preemptive of state laws and believe there can be no data privacy without strong data security

CUNA supported a credit union governance modernization bill and commented on oversight of fintech companies in a letter to a House subcommittee Wednesday for the record of a hearing on the future of financial services.

American credit unions—like their counterparts around the world—are vastly different than large international banks and should be regulated as such, CUNA Chief Advocacy Ryan Donovan said during a World Council of Credit Unions webinar on the importance of proportionality..  

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.