The National Credit Union Administration does not need to establish a separate consumer protection examination for credit unions, Jim Nussle, president/CEO of the Credit Union National Association told NCUA Chairman Todd Harper last week.
Blaming Republicans and a lobbyist-generated uproar, congressional Democrats on Tuesday proposed requiring banks and credit unions to report inflows and outflows of at least $10,000 to the Internal Revenue Service—an increase from the $600 in their original plan.
Opponents of a Biden Administration proposal to require credit unions and banks to report data to the IRS from accounts that have “gross flow thresholds” over $600 have misrepresented the proposal and have engaged in spreading misinformation, a Treasury Department official charged Thursday.
As Rohit Chopra takes the helm of the Consumer Financial Protection Bureau, Credit Union National Association President/CEO Jim Nussle is calling on the new director to use his authority to exempt credit unions from rules that are designed for businesses that take advantage of consumers.
House Speaker Nancy Pelosi, D-Calif., on Tuesday endorsed a Biden Administration plan to require credit unions and banks to report data to the IRS from accounts that have “gross flow thresholds” over $600.
The Credit Union National Association last week renewed its effort to convince the Financial Accounting Standards Board to amend the controversial Current Expected Credit Losses standard, contending that credit unions should not have to comply with it.
The Federal Credit Union Act was last rewritten in 1998 and it is sorely outdated for the 21st Century, Credit Union National Association President/CEO Jim Nussle told the Senate Banking Committee in a letter last week.
Postal banking has arrived.
At least in a small way.
The U.S. Postal Service is testing a pilot program in four locations that allows customers to use payroll checks and business checks to purchase gift cards, a Postal Service spokesperson said Monday.
Fintechs—not credit unions—emerged as the main villain Wednesday at a House Financial Services Committee subcommittee hearing exploring consolidation in the financial services industry.
The Credit Union National Association will hold its annual Governmental Affairs Conference in-person Feb. 27-March 3, 2022 at the Walter E. Washington Convention Center in Washington, D.C.