Loosely Regulated Fintech Companies Pose Risks to Credit Unions, CEO Tells House Panel

The House Consumer Protection and Financial Institutions Subcommittee held a hearing on trends in institutional charters that highlighted the different views on proper regulation of fintech companies and how the current regulatory arrangements may be becoming disadvantageous to credit unions. Carlos Pacheco, CEO of Premier Members Credit Union in Boulder, Colo., gave a credit union’s perspective to the legislators.

Trade Groups Say IRS Coronavirus Payment Process is Confounding Credit Unions, Members

The Internal Revenue Service’s portal to provide information to consumers about their federal coronavirus Economic Impact Payments is providing inaccurate information to many financial institutions and their customers, creating confusion for everyone involved, trade groups said last week.

“The information provided by the portal is often inaccurate, causing confusion for recipients because it is not updated in a sufficiently timely manner, resulting in erroneous messages to recipients,” 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 IRS Commissioner Charles Rettig.

VyStar CU President Accuses ICBA of ‘Mischaracterizing’ Bank Purchase

Vystar Credit Union agreed to buy Heritage Southeast Bank. The deal will be the credit union industry’s largest-ever bank acquisition and set off a war of words over the credit union tax exemption. VyStar Credit Union and the Credit Union National Association have a few things to say about the Independent Community Bankers of America’s characterization of the deal.