The Government Accountability Office once again is pressing the Treasury Department to examine the effectiveness of tax expenditures—a category of tax break that includes the credit union tax exemption.
The heads of the U.S. financial regulatory agencies met with President Biden on Monday. Except for one: National Credit Union Administration Chairman Todd Harper, who an agency spokesman said was not invited and did not attend.
The Biden Administration announced Tuesday it has awarded 244 Community Development credit unions a total of $401.8 million to help the institutions and the communities they serve recover from the economic problems caused by the coronavirus crisis.
Last week’s revelations by ProPublica that many of the richest Americans are paying little or no income taxes has galvanized Republican opposition to the proposal that additional records be reported by financial institutions to the Internal Revenue Service.
A Biden Administration proposal to create new reporting requirements for financial institutions is far more expansive than expected, financial trade groups told the House Ways and Means Committee this week.
President Biden proposed Friday to increase the National Credit Union Administration’s Community Development Revolving Loan Fund program by $500,000 in FY22.
The Small Business Administration improperly blocked state-chartered, privately insured credit unions from participating in the Paycheck Protection Program, Credit Union National Association President/CEO Jim Nussle charged Wednesday.
President Biden Thursday asked the nation’s financial regulators to assess and reduce the risks that climate change pose to the stability of the financial system.
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.
Despite efforts by financial industry and consumer groups to reverse the policy, the third round of Economic Impact Payments to individuals may be seized by states and creditors, a Biden Administration official has told senators.
“After a payment in the third round of EIPs is deposited into an individual’s bank account, federal law does not protect that amount from state offsets or from garnishment by creditors,” Aruna Kalyanam, the Treasury Department’s deputy assistant secretary for tax and budget in the Office of Legislative Affairs, wrote in a letter to Sens. Joe Manchin (D-W.V.) and Maggie Hassan (D-N.H.).