Even though it has not yet become mandatory for credit unions, FASB’s current expected credit losses standard continues to be one of the most problematic and arguably unnecessary regulatory requirements in recent history.
Credit unions oppose any legislation that would remove financial institutions from their direct relationship with borrowers by allowing the SBA to lend directly to small businesses, as the SBA is likely to harm local financial institutions’ relationships if it was a direct lender.
CUNA urged Joint Economic Committee leadership to take a “close look at the dangers” of proposed increased Internal Revenue Service reporting requirements, as the committee met Wednesday to discuss various funding measure for pending reconciliation legislation.
Rural and underserved communities need access to a trusted, local financial partner, and significant bank branch consolidation over the last 15 years has resulted in credit unions increasingly left as the local financial institution of record in local communities.
Credit unions strongly support—and are diligently working on—expanding financial inclusion, but CUNA has “grave reservations” about efforts of the USPS to provide banking services, especially as credit unions can generally offer these services with more options at a lower cost.
NCUA will host a webinar, “Pathways to Safe and Affordable Account Access for Consumers,” Oct. 21 in recognition of International Credit Union Day. Registration is now open for the webinar, which is scheduled to begin at 2 p.m. ET.
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.