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.

NCUA will host a webinar, “Bias in Home Appraisals and the Racial Homeownership Gap,” Oct. 27. Registration is now open for the webinar, which is scheduled to begin at 2 p.m. ET.