Advocate Blog
Join the conversation about the latest laws, regulations and political issues having an impact on Virginia's credit unions.
- IRS Reporting Requirements: Measure Dropped From Budget Reconciliation Package, But CUs Should Continue Messages to Congress
September 15, 2021Credit unions are pleased to see that proposed IRS reporting requirements for financial institutions were dropped from the budget reconciliation package currently being marked up by the House Ways and Means Committee. We remain vigilant, however, given that the measure could be added as the budget reconciliation package winds its way through Congress.
- Study Looks at Benefits of the CU Federal Tax Exemption
September 14, 2021Removing the tax exemption of credit unions would reduce tax revenue by $56 billion and reduce economic activity by $120 billion over the next decade, while eliminating nearly 80,000 jobs per year that span, according to an independent study commissioned by NAFCU.
- Reps. Cline, Wittman Sign Onto Letter Expressing Concerns Over IRS Reporting Proposal
September 14, 2021Reps. Ben Cline (R-6th) and Rob Wittman (R-1st) have signed onto a letter by Rep. Tom Emmer (R-Minn.) to Congressional, Treasury, and Internal Revenue Service (IRS) leaders Monday expressing concerns over a proposal that would require increased reporting to the IRS from financial institutions.
- League Hosts Meeting With CFPB
September 13, 2021Last Thursday, your League hosted a virtual meeting with staff members of the Consumer Financial Protection Bureau. In a wide-ranging discussion, credit union and League participants covered a host of topics, including pandemic relief measures, proposed regulation and consumer protections related to mortgage lending.
- League Compliance Newsletter (09/8/2021)
September 8, 2021The latest edition of our Compliance Newsletter is posted here! This issue details our upcoming meeting with CFPB; our call-to-action on proposed IRS Reporting provisions, which worry us for a host of reasons (privacy, data security and the compliance burden); Virginia's COVID workplace safety rules and more!
- Advocacy Alert: Write Your Lawmakers and Help Fight New IRS Reporting Provisions
September 8, 2021Your League and the Credit Union National Association issued an action alert last week calling on credit unions to oppose new Internal Revenue Service reporting provisions that would require financial institutions to report additional detailed account holder information. CUNA is also providing a toolkit to aid you in enlisting the participation of members. Take Action
- CFPB Beats Suit Challenging Payday Lending Regs
September 7, 2021A Texas federal judge has rejected a payday loan-industry-backed challenge to the CFPB's remaining payday lending regulations, clearing the way for them to take effect next year after a years-long stay.
- In Win for CUs, House Committee Doesn’t Include Bank-Sought Base Access Provision in NDAA
September 2, 2021Language to allow banks rent-free access to military installations is not included in the House version of the fiscal year 2022 National Defense Authorization Act (NDAA), which today passed out of the House Armed Services Committee on a 57-to-2 vote.
- League Hosting Virtual Meeting Sept. 9 with CFPB Staff
September 1, 2021Your League has scheduled a virtual meeting with staff members at the Consumer Financial Protection Bureau for Sept. 9 at 1 p.m.
- CFPB Issues Proposal to Collect Small Business Data; League Seeks Member Feedback
September 1, 2021Your League recognizes the agency's statutory mandate to promulgate this rule. However, we urge the agency to minimize this rule's regulatory impact on credit unions.