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.