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.
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.
Continued growth and increased data reporting resulted in a 29% year-to-year increase in international credit union membership, according to World Council of Credit Unions’ 2020 Statistical Report. As of Dec. 31, 2020, there were 375,160,065 credit union members in 118 countries.
NCUA issued a Risk Alert this week highlighting a recent bulletin that cybercriminals are targeting organizations that use popular cloud-based email services to conduct Business Email Compromise scams and steps credit unions can take prevent this type of fraud.
A record 66 Illinois credit unions and partners joined forces with the Illinois Credit Union League Oct. 11 for the third annual CU Kind Day. The day brought together 2,700 credit union volunteers supporting 322 community organizations, generating more than $80,000 in goods and donations.