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 Internal Revenue Service.
The National Credit Union Administration must make it easier for groups to form new credit unions and should stop encouraging small, struggling credit unions to merge, NCUA board Vice Chairman Kyle Hauptman said Wednesday.
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 Tuesday. The 818-page tax bill being marked up by the Ways and Means Committee as part of the budget reconciliation process this week does not contain that proposal. “That doesn’t mean it won’t surface,” Brady told those attending the National Association of Federally-Insured Credit Unions’ Congressional Caucus. “We’ve got to make sure it doesn’t surface later.
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.
Federal financial regulators must adopt a rule to address inequities in appraisal and valuation services, National Credit Union Administration Chairman Todd Harper said Monday.
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.
The House Financial Services Committee on Monday 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.
National Credit Union Administration Board member Rodney Hood on Thursday called on federal banking regulators to begin developing a joint principles-based approach to marijuana banking.
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 Tuesday.
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, Natasha Sarin, the Treasury Department’s deputy assistant secretary for economic policy wrote Tuesday.