Chartway is proud to congratulate two board members: CAPT George E. Sauer III, USN (Ret.) and Curtis A. Price. Long-time volunteer, Sauer, retired from the board on December 31, 2022, following more than 30 years of service and has moved to emeritus status. Price, who previously served as an associate director, was appointed to fill Sauer’s board seat.

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The 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.

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State 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.

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The National Credit Union Administration today released the December 2022 update of the Simplified CECL Tool. The update includes the latest life-of-loan, or Weighted Average Remaining Maturity factors, as well as minor enhancements.

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Sen. 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.

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The 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.

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National 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.

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The 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.

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Congress 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.

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Federally insured credit unions experienced continued asset and deposit growth over the year ending in the third quarter of 2022, while loan growth was the strongest in at least two decades, according to the latest NCUA Quarterly U.S. Map Review.

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