Blog
- Pages From of the Diary of Mrs. C. Hunt - Oct. 13, 2021
October 13, 2021League President/CEO Carrie Hunt's latest "Diary" post features an urgent call-to-action on the IRS Reporting Requirements we've battled against for months in Congress and a preview of Ignite 2021 | the League Annual Meeting (please register if you haven't; early bird discount ends Oct. 15!)
- Reminder: Comments Due to NCUA on Proposed Rule on Complex Credit Union Leverage Ratio; Risk-Based Capital by October 15
October 12, 2021The NCUA is seeking comment on a proposed rule (NCUA-2021-0072 RIN: 3133-AF12) that would provide a simplified measure of capital adequacy for federally insured, natural-person credit unions (credit unions) classified as complex (those with total assets greater than $500 million). Your League will submit comments. The deadline is Oct. 15.
- New Director Rohit Chopra Says CFPB Looking Out for Families, Workers and Communities
October 12, 2021Consumer Financial Protection Bureau Director Rohit Chopra offered his thoughts on the CFPB's role in a post on Tuesday, shortly after being sworn in to lead the organization.
- Next Ginnie Mae Leader must recognize CU mission, structure
October 8, 2021The next president of the Government National Mortgage Association (GNMA, or Ginnie Mae) must understand the unique mission, structure, and operation of America’s credit unions. In August, your League and CUNA both wrote Ginnie Mae, urging the agency to adopt NCUA’s findings regarding credit union capitalization, given that NCUA addresses the risk profile of each institution it examines.
- CFPB Focus of Oct. 27 House Financial Services Committee Hearing
October 8, 2021The House Financial Services Committee’s October hearing schedule includes a full committee meeting titled, “Bringing Consumer Protection Back: A Semi-Annual Review of the Consumer Financial Protection Bureau,” at 10 a.m., Oct. 27.
- Increased IRS Reporting ‘Risky and Unnecessary’ for Consumers
October 7, 2021CUNA urged Joint Economic Committee leadership to take a “close look at the dangers” of proposed increased Internal Revenue Service (IRS) reporting requirements. The committee met Wednesday to discuss various funding measure for pending reconciliation legislation. If you haven't yet contacted your lawmaker on this issue, please do so today!
- House Bill Introduced to Prohibit Increased IRS Reporting
October 5, 2021A credit union-supported House bill was introduced Friday that would prohibit the implementation of any expanded Internal Revenue Service (IRS) financial institution reporting requirements. Rep. Ashley Hinson (R-Iowa) introduced the bill, which follows a Senate companion bill introduced last week.
- Additional Actions Needed to Address Pandemic’s Economic Consequences
October 1, 2021Additional Congressional action will be needed to address the economic consequences of the pandemic, CUNA wrote to the House Financial Services Committee Thursday.
- Vaccine Mandate: Credit Unions Not 'Federal Contractors' Simply Based On NCUSIF Coverage
September 30, 2021Until there is additional guidance such as regulations implementing President Biden's vaccine mandate or guidance from NCUA, there is nothing to state that federally insured credit unions are 'federal contractors' for purposes of the President's COVID-19 Action Plan, note summaries from CUNA and NAFCU.
- Despite Guidance, Questions Remain for Credit Unions on President's Vaccine Mandate
September 27, 2021The Safer Federal Workforce Task Force released last Friday the Guidance many have been anticipating to implement President Biden’s Executive Order 14042: Ensuring Adequate COVID Safety Protocols for Federal Contractors (“Order”), issued Sept. 9, 2021. Rules regarding mandates for employers with more than 100 employees are still forthcoming. Importantly for credit unions: the Guidance does not address whether or not a federally insured depository is declared a federal contractor for purposes of the vaccination mandate.