Blog
- In a Positive Development for CUs, White House Framework Omits IRS Reporting Proposal
October 28, 2021The White House's reconciliation framework does not contain the credit union-opposed provision requiring increased reporting to the Internal Revenue Service, according to reports Thursday. Credit unions strongly pushed back against the proposed provision since it was first discussed in the summer.
- Here’s How the Court Will Draw Virginia’s New Political Districts
October 26, 2021The Virginia Redistricting Commission has missed a final deadline to draw new state legislative maps, kicking the process to the Virginia Supreme Court. The court’s seven justices won’t draw the lines. Instead, they’ll hire two experts who will work together to come up with finished maps.
- League Writes Treasury on Issues with Expanded IRS Reporting Requirements
October 25, 2021Your League last week wrote Treasury Secretary Janet Yellen to outline our concerns with a proposal to expand IRS reporting requirements.
- Virginia Reps Among 200-Plus Members of Congress Opposing Expanded IRS Reporting Requirements
October 22, 2021Four Virginia Congressmen have now signed on to various letters opposing expanded IRS reporting requirements - Reps. Wittman, Good, Cline and Griffith. They are among the more than 200 members of Congress who have expressed opposition to the IRS reporting proposal.
- Scott, Colleagues Introduce Bill to Block IRS Snooping Proposal
October 22, 2021A bill from Sen. Tim Scott (R-S.C.) Thursday that would prohibit implementation of increased financial institution reporting to the Internal Revenue Service (IRS), the Prohibiting IRS Financial Surveillance Act. A House companion bill was introduced earlier this week by Rep. Drew Ferguson (R-Ga.).
- Ex-Obama Civil Rights Official Named Chief Enforcement Official for CFPB
October 22, 2021Eric Halperin, a longtime consumer advocate, fair lending litigator and civil rights official at the Justice Department in the Obama administration, has been named enforcement chief at the Consumer Financial Protection Bureau, sources said.
- Virginia's Redistricting Commission May Fail to Redraw Congressional District Map
October 21, 2021Virginia’s redistricting commission, continuing to split along partisan lines ahead of its Monday deadline, appears close to failure on fashioning a map of the state’s congressional districts.
- NCUA Board Finalizes CAMELS Rule; OKs CUSO Lending Rule
October 21, 2021In actions today, the National Credit Union Administration Board voted to add the “S” component (Sensitivity to Market Risk) to the existing CAMEL rating system and approved a final rule that will expand lending opportunities for credit union service organizations (CUSOs).
- IRS Reporting Requirements: We Urgently Need You to Keep Up Contacts to Congress
October 20, 2021Our fight against new IRS reporting requirements is proving tougher by the day, but we urge you to keep fighting! Here's the latest ...
- CFPB Joins Other Financial Regulatory Agencies in Issuing Statement on Discontinuation of LIBOR
October 20, 2021The Consumer Financial Protection Bureau (CFPB) joined four other federal financial regulatory agencies and state bank and credit union regulators Oct. 20 in issuing a statement highlighting the risks posed by the discontinuation of LIBOR (originally an acronym for London Interbank Offered Rate). The CFPB is urging credit unions, banks and nonbanks alike to continue their efforts to transition to alternative reference rates to mitigate consumer protection, financial, legal, and operational risks.