Washington Credit Union Daily – Reporting on regulations, legislation and political developments affecting credit unions.

GOP NCUA Board Members to Push Divisive Rules to a Vote

The two Republicans on the National Credit Union Administration board intend to join forces to bring final rules that Chairman Todd Harper opposes to a vote by the agency board, Washington Credit Union Daily has learned.

Yellen Pushes for IRS Provision as Ways and Means Approves Bill

As the House Ways and Means Committee completed its markup of tax legislation, the Biden Administration renewed its push for Democrats to add a controversial plan to require credit unions and banks to report the inflows and outflows from customer accounts to the IRS.

Hauptman: NCUA Must Make It Easier to Form a Credit Union

NCUA board Vice Chairman Kyle Hauptman believes that the NCUA must make it easier for groups to form new credit unions and should stop encouraging small, struggling credit unions to merge.

Key House Republican Warns Controversial IRS Proposal May Resurface

Congressional Democrats still may try to add to tax legislation a controversial plan to require credit unions and banks to report the inflows and outflows from customer accounts to the Internal Revenue Service, House Ways and Means Committee ranking Republican Kevin Brady, R-Texas, warned.

Draft House Tax Bill Omits Controversial IRS Provision

Draft tax legislation to be marked up by the House Ways and Means Committee this week does not contain a controversial proposal to require financial institutions to report the inflows and outflows from customer accounts to the Internal Revenue Service.

Harper: Regulators Must Address Appraisal Inequities

Speaking to the National Association of Federally-Insured Credit Unions, NCUA Chairman Todd Harper said that federal financial regulators must adopt a rule to address inequities in appraisal and valuation services.

NAFCU: Tax Exemption Loss Would Cost Feds $56 Billion Over Decade

The loss of the credit union tax exemption would result in a $56 billion loss in income tax revenue over the next ten years, according to a study commissioned by the National Association of Federally-Insured Credit Unions.

Financial Services Committee to Consider $10 Billion in CDFI Housing Aid

The House Financial Services Committee on September 13 will mark up legislation that would, among other things, provide $10 billion to the Community Development Financial Institutions program to build or preserve more than 170,000 “affordable” homes.

Hood: Regulators Need to Develop Joint Cannabis Banking Policy

NCUA Board member Rodney Hood called on federal banking regulators to begin developing a joint principles-based approach to marijuana banking.

Court Upholds Payday Rule; Enforcement to Begin June 22

The Consumer Financial Protection Bureau will begin enforcing the payments section of its payday loan rule on June 13, 2022, agency Acting Director Dave Uejio said.

Biden Administration: IRS Plan Won’t Pose Problem For Credit Unions, Banks

Natasha Sarin, the Treasury Department’s deputy assistant secretary for economic policy, argues that the Biden Administration’s plan to require banks and credit unions to report data to the IRS from accounts that have “gross flow thresholds” over $600 will not pose an additional regulatory burden on financial institutions.

NAFCU Asks House Committee to Consider Credit Union Expansion Bill

As the House Financial Services Committee prepares for a markup of legislation next week, NAFCU is asking the panel to consider legislation that would allow credit unions to expand their services to underserved areas.

House Bill Requires Study on Financial Services Access on Bases

The Pentagon would be required to conduct a study on the availability of financial services on military installations under an FY22 defense authorization bill approved by the House Armed Services Committee.

IRS: CU, Bank Reporting Rule Would Raise $460 Billion in 10 Years

Requiring financial institutions, including credit unions, to report to the Internal Revenue Service the inflows and outflows from customer accounts could raise $460 billion in additional tax revenue over ten years, according to IRS Commissioner Charles Rettig.

CFPB Issues Small Business Lending Rule

The CFPB proposed a new rule that would require financial institutions, including credit unions, to report information about their small business lending, in an attempt to root out discriminatory practices.

Consumer Groups Praise CFPB Small Business Lending Rule

Consumer advocates are praising the CFPB’s proposed rule that would require financial institutions, including credit unions, to report demographic information about their small business lending.

NCUA, Financial Regulators Pledge Flexibility for Areas Hit by Ida, Fires

Federal financial regulators, including the NCUA, pledged this week to provide regulatory flexibility to financial institutions affected by Hurricane Ida and California wildfires.

ICBA Chair: SBA is Coercing Lenders into Using PPP Forgiveness Portal

A community banker, at a hearing before the House Small Business Committee on Wednesday, accused the Small Business Administration of attempting to coerce lenders in the Paycheck Protection Program into using an agency portal for loan forgiveness.

Colorado Gov. Polis: Pass Marijuana Banking Bill Now

Congress should enact marijuana banking legislation and then tackle the larger issue of legalization, Colorado Democratic Gov. Jared Polis told Democratic senators in a letter.

NCUA to Accept Streamlined Applications for CDFI Certification

Low-income, federally insured credit unions that wish to be certified as Community Development Financial Institutions may apply for the NCUA’s streamlined qualification process between Sept. 12 and Oct. 15, agency officials announced.

Credit Unions Win First Round in Military Base Rent Fight

Credit unions won the first round in their annual battle with banks over free rent benefits on military bases when the House Armed Services Committee released its version of the FY22 defense authorization bill.

Trade Groups: Proposed HUD Rule Puts Credit Unions in Bind

A credit union may only make loans to members within their field of membership, a restriction likely to skew an institution's housing discrimination record, trade groups told the Department of Housing and Urban Development this week.