Two Democratic senators are accusing the director of a little-known Treasury Department office of failing to conduct research needed to identify threats to the stability of the financial system.
Sens. Elizabeth Warren of Massachusetts and Jack Reed of Rhode Island wrote in a letter to Dino Falaschetti, director of the Office of Financial Research that the office must be more aggressive in doing its work.
The Community Development Financial Institutions program has a serious backlog of applications, and the Treasury Department is failing to be forthright about it with credit unions waiting for their applications to be reviewed, Ann C. Kossachev, vice president of regulatory affairs at the National Association of Federally-Insured Credit Unions charged Wednesday.
Senate Financial Services Appropriations Subcommittee Chairman Sen. Chris Van Hollen, D-Md., said Wednesday he is pushing for a $90 million increase in Community Development Financial Institution funding—but witnesses told a Senate Subcommittee much more is needed.
The climate risk report issued by the Financial Stability Oversight Council last week fails to establish a comprehensive roadmap for action, Americans for Financial Reform and Public Citizen said late last week.
Federal financial regulators, including National Credit Union Administration Chairman Todd Harper, on Thursday endorsed a plan to ensure that agency rules and policies address the risks of climate change.
The Financial Stability Oversight Council adopted a Treasury Department report that identifies climate change as a serious risk to the financial stability of the nation.
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 the House Ways and Means Committee completed its markup of tax legislation, the Biden Administration renewed its push for Democrats to add a controversial plan to require credit unions and banks to report the inflows and outflows from customer accounts to the Internal Revenue Service.
National Credit Union Administration Board member Rodney Hood on Thursday called on federal banking regulators to begin developing a joint principles-based approach to marijuana banking.
The Biden Administration’s plan to require banks and credit unions to report data to the IRS from accounts that have “gross flow thresholds” over $600 will not pose an additional regulatory burden on financial institutions, Natasha Sarin, the Treasury Department’s deputy assistant secretary for economic policy wrote Tuesday.
Requiring financial institutions, including credit unions, to report to the Internal Revenue Service the inflows and outflows from customer accounts could raise $460 billion in additional tax revenue over ten years, according to IRS Commissioner Charles Rettig.