Credit union members from coast to coast have grave concerns with a proposal to expand financial institution reporting to the Internal Revenue Service, CUNA, the American Association of Credit Union Leagues, and all 35 Leagues wrote to Congressional leadership Wednesday.
Major media outlets around the country have picked up on the strong CUNA, League, and credit union push against a proposal to require expanded financial institution reporting to the IRS, including CUNA Chief Advocacy Officer Ryan Donovan's remarks that the proposal is "fundamentally flawed."
CUNA wrote in support of a House bill Wednesday that would prohibit implementation of increased financial institution reporting to the Internal Revenue Service, the Prohibiting IRS Financial Surveillance Act (H.R. 5586). A similar CUNA-supported bill was introduced earlier this month.
NCUA, the CFPB and other federal financial regulators issued a joint statement on the LIBOR transition this week. LIBOR is used as a reference interest rate for many financial products and the one-week and two-month settings will cease to be published Dec. 31.
Revisions to a proposal to require increased financial institution reporting to the Internal Revenue Service do not address credit union concerns, CUNA Chief Advocacy Officer Ryan Donovan said in response to reports of potentially raising the $600 account threshold in original proposals to $10,000.
CUNA Chief Advocacy Officer Ryan Donovan spoke about credit union support of the SAFE Banking Act at the Credit Union Association of New Mexico’s Canna Biz conference, including a look at potential paths forward for the bill.
Lawmakers must fully understand the additional compliance required by taxpayers and financial institutions under proposed new Internal Revenue Service reporting requirements, CUNA and more than 100 organizations wrote to Congressional leaders Thursday.
CUNA wrote in support Thursday of the Expanding Opportunities in Banking Act, draft legislation that would amend the Federal Credit Union Act to expand employment opportunities for those with a previous minor criminal offense.
The NCUA board will vote on final rules involving credit union service organizations and the CAMELS rating system at its Oct. 21 meeting. The meeting will be available via live audio stream starting at 10 a.m. (ET) on NCUA.gov on Oct. 21.