NAFCU to House: Ignore Financial Institution Reporting Proposal

Having lost in the Senate, the National Association of Federally-Insured Credit Unions is asking the House to ensure that its version of an FY22 budget does not allow enactment of a controversial proposal that would require banks and credit unions to report customer transactions. A similar effort failed in the Senate last week. “NAFCU has serious concerns about this proposed reporting requirement,” Brad Thaler, the group’s vice president of legislative affairs, wrote in a letter to House members this week. In his FY22 budget proposal, President Biden proposed requiring financial institutions to report data to the IRS from accounts that

CU, Banking Trade Groups Fighting 36% Loan Interest Rate Cap Legislation

Credit union and banking trade groups are asking Congress to ignore proposals to impose a 36% fee and interest cap on loans made by financial institutions.

“The proposed 36% fee and interest cap would make it more difficult for many consumers to obtain credit, thereby harming the very consumers the legislation seeks to protect. Congress should reject these legislative measures,” the groups, including the Credit Union National Association, the National Association of Federally-Insured Credit Unions, the American Bankers Association and the Independent Community Bankers of America, wrote, in a letter to the Senate Banking Committee.