Post Offices Are Testing Check-Cashing Service; NAFCU Says End It
The U.S. Postal Service is testing a pilot program in four locations that allows customers to use payroll checks and business checks to purchase gift cards, a Postal Service spokesperson said.
NFIP Gets Another Reprieve, But Senators Warn Premiums May Soar
The National Flood Insurance Program received a temporary last-minute reprieve last week, but lawmakers are warning that insurance premiums for many people are likely to increase without additional action by the Biden Administration.
Harper: Exams Demonstrate Need for Consumer Protection Focus
Citing deficiencies that NCUA examiners found during the past year, board Chairman Todd Harper renewed his call for the agency to develop a separate consumer protection examination. His remarks came during his confirmation hearing before the Senate Banking Committee.
Freddie Mac: Property in Minority Communities Reflect Appraisal Bias
As NCUA Chairman Todd Harper continued his call for solving bias in the appraisal industry, the Federal Home Loan Mortgage Company released new data last week showing that property in minority neighborhoods is appraised lower than property elsewhere.
Senate Committee Sides with Credit Unions on Military Base Rent
Defense Authorization Bill: The Senate Armed Services Committee has ignored efforts by bankers to gain the same free rent benefits that credit unions now receive on military bases. Meanwhile, the House approved adding a marijuana banking provision to the defense bill.
Financial Trades to Congress: Don't Let SBA Make Direct Loans
Republicans and financial trade groups, including NAFCU, are asking Congress to drop a Small Business Administration proposal to allow it to expand its direct lending programs.
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.
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.
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.
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.
Draft House Tax Bill Omits Controversial IRS Provision
Draft tax legislation to be marked up by the House Ways and Means Committee does not contain a controversial proposal to require financial institutions to report the inflows and outflows from customer accounts to the Internal Revenue Service.