Blog
- 2023 State-Level Elections
January 3, 2023A year ago, the Supreme Court of Virginia drew maps that will be used in state legislative elections this year without regard to the addresses of sitting legislators. The result was 40 of 100 delegates were drawn into the same district with one or more colleagues, most of them from the same political party. While some pairings have been resolved, VPAP’s unofficial list shows that 23 delegates still face the option of moving into a different district, running for a different office, retiring or battling a colleague for the party nomination.
- IRS Delays Reporting Thresholds Around Third-Party Settlements
December 27, 2022The Internal Revenue Service has announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season. As a result of this delay, the IRS said third-party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower, $600 threshold amount enacted as part of the American Rescue Plan of 2021. To that end, the IRS released guidance that says calendar year 2022 will be a transition period for implementation of the lowered threshold reporting for third-party settlement organizations (TPSOs) that would have generated Form 1099-Ks for taxpayers.
- League Congratulates State Sen. McClellan on Winning Democratic Primary in 4th Congressional District Race
December 22, 2022State Sen. Jennifer McClellan has won the Democratic nomination for Virginia's 4th Congressional District in the special election to succeed the late Rep. Donald McEachin, the commonwealth's Democratic Party announced early Thursday morning in a news release, putting her in a prime position to become the first Black woman to represent the Old Dominion in Congress.
- Senate Banking Chairman Says ‘Maybe’ to Cryptocurrency Ban
December 22, 2022Sen. Sherrod Brown (D-Ohio) on Sunday said federal agencies need to address the cryptocurrency market and “maybe” ban it after the high-profile collapse of cryptocurrency market FTX last month.
- Senate Passes $1.7 Trillion Government Funding Bill to Avert Shutdown
December 22, 2022The Senate voted Thursday to pass a massive $1.7 trillion government spending bill that will fund critical government operations across federal agencies and provide emergency aid for Ukraine and natural disaster relief. The House must next pass the measure as lawmakers race the clock to avert a shutdown at the end of the week.
- Statement by Chairman Harper on CDRLF Funding, CLF, and Vendor Authority
December 22, 2022National Credit Union Administration Chairman Todd M. Harper today released a statement on funding for the NCUA’s Community Development Revolving Loan Fund (CDRLF) grants, the Central Liquidity Facility (CLF) agent-member provision, and vendor authority.
- CFPB Auto Lending Announcement Has Insufficient Info, Wrong Assumptions
December 21, 2022The Consumer Financial Protection Bureau’s (CFPB) announcement regarding auto lending data contains sufficient information and leads to questions about the bureau’s assumptions, CUNA and other organizations wrote to the CFPB. The CFPB issued a press release with an attached document concerning the collection of information related to auto lending.
- Omnibus Bill Funds CU Priorities, Addresses CDFI Concerns
December 21, 2022Congress released the text of an omnibus bill Tuesday morning that would fund the federal government through Sept. 30, 2023 and contains several credit union priorities. The Senate is expected to take up the bill first, with a House vote before government funding expires Dec. 23.
- Will SAFE Banking Be Back? Bet on It
December 21, 2022The reason for hope on SAFE Banking is both obvious and irritating: It’s inevitable. That’s plain just by looking at the national map of how many states have legalized cannabis, and thus have stakeholders who are complaining to their senators and representatives about the inequities they labor under due to the federal illegality of cannabis.
- Financial Services Coalition Asks Congress to Help Block CDFI Proposal
December 21, 2022Saying they are “gravely concerned” about proposed changes to the CDFI Certification process, a coalition of financial services trade groups is asking for Congress’ help in convincing the Treasury Department the updates are misguided.