Financial Trade Groups: Biden Plan to Close ‘Tax Gap’ Would Pose Huge Burden on Credit Unions, Banks

A Biden Administration proposal to require banks and credit unions to report information on customer account “flows” would create a huge burden for those institutions, financial service trade groups, including the Credit Union National Association and the National Association of Federally-Insured Credit Unions, told the Senate Finance Committee’s Taxation and IRS Oversight Subcommittee this week.

CU Trade Groups Support Democratic Effort to Repeal OCC ‘Rent-a-Bank’ Rule

Credit union trade groups are throwing their support behind a congressional effort to rescind a Trump Administration rule they contend allows predatory online lenders to “rent” a bank to evade consumer protection laws.

The Office of the Comptroller of the Currency adopted the rule in the last administration and the Senate may soon consider a resolution that would kill it.

Credit Union Trade Groups Endorse Proposed CUSO Rule

Saying that the National Credit Union Administration’s current rule governing Credit Union Service Organizations is sorely outdated and hampers innovation, the two national credit union trade groups are calling on the agency board to finalize an updated regulation.

The NCUA has proposed a rule that would expand CUSO lending authority by allowing the organizations to originate any loan that may be made by a federal credit union.