Blog
- HCFS to Hold Hearing on Oversight of Treasury’s and Fed’s Pandemic Response
November 30, 2021On Dec. 1, the House Committee on Financial Services will convene a full Committee hybrid hearing titled, “Oversight of the Treasury Department's and Federal Reserve's Pandemic Response.”
- Small Business Data Collection: Share Your Concerns With CFPB
November 30, 2021As you know, the CFPB recently issued a proposed rule that would require financial institutions to collect and report data on the credit applications of small businesses. The CFPB needs to hear from credit unions on this. TAKE ACTION NOW
- CUs Gear Up for Renewed Fight in Senate Over IRS Reporting Requirements
November 30, 2021Our fight over new IRS reporting requirements continues. While the U.S. House of Representatives recently passed the Build Back Better bill without the IRS reporting requirement, the fight in the U.S. Senate is growing more heated, led, in part, by one of Virginia's own - Sen. Mark Warner. We will need your continued support on this!
- League Supports Marijuana Banking Provisions' Inclusion in NDAA
November 30, 2021Your League has contacted the office of Sen. Tim Kaine to express support for keeping the marijuana banking provisions added by the House in the National Defense Authorization Act for Fiscal Year 2022 (NDAA). Sen. Kaine is a member of the Armed Services Committee. We are keenly interested in the marijuana banking provisions added by the House, given that the Commonwealth is legalizing adult-use cannabis.
- Efforts to Oppose IRS Reporting Requirements' Inclusion in Build Back Better Bill Must Continue, as Senate Looks to Pass Measure by Christmas
November 24, 2021The Build Back Better bill that recently passed the House is now in the Senate. The League is continuing to push to keep the IRS reporting provision out, but Sen. Warner is on the record as supporting the provision.
- House Passes Build Back Better Without IRS Reporting Language
November 22, 2021The House passed the Build Back Better Act Friday without the expanded Internal Revenue Service (IRS) reporting requirements present in early forms of the bill. Credit unions sent more than 800,000 messages in opposition to the requirements, which were left out of the final release of the House bill.
- CFPB Seeks Information on HMDA Regulations
November 22, 2021The Consumer Financial Protection Bureau (CFPB) has issued Request for Information on the implementing regulations for the Home Mortgage Disclosure Act (HMDA). According to the CFPB, it plans to review recent changes and evaluate their effectiveness with the goal of identifying discrimination in the market.
- NCUA Board Seeks Input on 2022-2023 Budget; Passes Shared Facilities Rule
November 18, 2021In a meeting today, the National Credit Union Administration Board passed a final rule providing multiple-common-bond federal credit unions additional flexibility in adding underserved areas; discussed its proposed budget; noted the forthcoming release of its strategic plan; and discussed the status of the NCUSIF.
- Virginia House Control in Limbo; Recounts Sought in 2 Races
November 17, 2021Two incumbent Democrats who trail Republican challengers in close races in Virginia’s House of Delegates announced Tuesday that they will seek recounts, leaving control of the chamber in limbo.
- CU-Supported Member Governance Bill Passes Committee
November 17, 2021CUNA wrote in support of two bills prior to the House Financial Services Committee markup Tuesday. The CUNA-supported Credit Union Governance Modernization Act (H.R. 2311) passed the committee unanimously by voice vote. H.R. 2311 would modernize the member expulsion process. H.R. 5911 would expand employment opportunities at banks and credit unions by reducing barriers to employment based on past minor criminal offenses.