The expanded Internal Revenue Service (IRS) reporting proposal should be withdrawn and the administration should look at more targeted methods of tax enforcement, CUNA and other organizations wrote President Joe Biden Monday.
The NCUA board released its monthly meeting schedule for 2022 Monday. The calendar is posted to the NCUA’s public website along with the agendas, which are available one week in advance of each open board meeting.
Consumer Financial Protection Bureau Director Rohit Chopra will testify before House and Senate committees for the first time as bureau director this week. The House is expected to vote on legislation—potentially including infrastructure and/or reconciliation legislation.
CUNA applauds the Federal Housing Finance Agency for setting ambitious goals for Fannie Mae and Freddie Mac, it wrote to the FHFA Monday. The FHFA is required by statute to establish annual housing goals for Fannie and Freddie.
The proposal to expand financial institution reporting to the Internal Revenue Service continues to raise major concerns despite revisions, CUNA Chief Advocacy Officer Ryan Donovan said, adding that it would impact nearly every American that earns a wage.
Eligible LICUs may accept 30-year subordinated debt investments from the Treasury’s Emergency Capital Investment Program, as detailed in a letter to credit unions. The announcement is part of a three-step process NCUA is taking ensure credit unions have full access to EICP.
CUNA wrote in support of a bill from Sen. Tim Scott (R-S.C.) Thursday that would prohibit implementation of increased financial institution reporting to the IRS, the Prohibiting IRS Financial Surveillance Act. A House companion bill was introduced earlier this week.
The CFPB Thursday issued a series of orders to collect information on the business practices of large technology companies operating payments systems in the U.S., including Amazon, Apple, Facebook, Google, PayPal, and Square.
More than 200 members of Congress wrote to Treasury Secretary Janet Yellen Thursday re-asserting concerns with a proposal to expand Internal Revenue Service (IRS) reporting requirements, the result of continued CUNA-League advocacy.
The NCUA board finalized two CUNA-supported rules and received a cybersecurity briefing at its October meeting. The final rules involve credit union service organizations (CUSOs) and adding changes to the CAMELS rating system.