House Dems: Use of AI Must Not Result in Discrimination
The use of Artificial Intelligence and algorithms by financial institutions must not result in discriminatory practices, two key House Democrats warned financial regulators Monday.
CU Issues Unresolved as Congress Returns for Legislative Sprint
Congress returns to Washington this week, with a huge number of issues—including some directly affecting credit unions—unresolved.
Here’s a guide to some of the issues to watch during the next few weeks.
Governors to Congress: Include Marijuana Banking in Defense Bill
A bipartisan group of the nation’s governors is pressing congressional leaders to ensure that a marijuana banking plan is included in the defense authorization bill the Senate will take up after Thanksgiving.
GOP Senators: Postal Banking is Ill-Advised and Maybe Illegal
A postal banking pilot program being run by the U.S. Postal Service is a bad idea, is not needed, and may violate federal law, 19 Republican senators wrote in a letter to Postmaster General Louis DeJoy on Monday.
House Committee Approves CU Member Expulsion Bill
The House Financial Services Committee on Tuesday approved legislation that would make it easier for credit unions to expel members who pose a threat or engage in dangerous or illegal conduct.
Financial Service Committee to Consider CU Member Expulsion Bill
The House Financial Services Committee on Tuesday will consider legislation that would make it easier for credit unions to expel members who pose a threat or engage in dangerous or illegal conduct.
Defense Bill is Latest Forum for Marijuana Banking Fight
Marijuana banking, not bank access to military bases, may emerge as a major issue for credit unions as the Senate prepares to consider its version of the annual defense authorization bill.
Is NCUA’s Lack of Vendor Oversight a ‘Regulatory Blind Spot?’
Federal cybersecurity supervision has a “regulatory blind spot” since the National Credit Union Administration lacks the power to regulate third-party vendors that offer cybersecurity services, witnesses told a House Financial Services Committee subcommittee on Wednesday.
IRS Reporting Plan Dropped from Budget Reconciliation Bill
A controversial plan to require credit unions and banks to report to the Internal Revenue Service the inflows and out flows from customer accounts has been dropped from the budget reconciliation plan announced by President Biden Thursday morning, according to sources familiar with the legislation.
Manchin Opposes IRS Reporting Plan
Sen Joe Manchin, D-W.V., a key vote for any budget reconciliation bill, said Tuesday he is opposed to a controversial plan to require credit unions and banks to report to the Internal Revenue Service the inflows and outflows from member and customer accounts.