CUNA joined dozens of organizations Friday calling on Congressional leadership to oppose any efforts to advance expanded Internal Revenue Service reporting requirements. CUNA's action alert calling on stakeholders to share their concerns has resulted in more than 170,000 being sent to Capitol Hill.

Banks continue to fight “old, settled battles” as America’s credit unions remain focused on improving members’ financial well-being, CUNA Chief Advocacy Officer Ryan Donovan wrote Friday in Morning Consult.

The NCUA will discuss a proposed rule on subordinated debt, among other topics, at its Sept. 23 meeting. The meeting will be streamed live on NCUA.gov starting at 10 a.m. (ET). The board will also vote on the 2021 mid-session budget.

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.