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Credit Union Daily News
 
FCC should delay notification deadline, not alter requirement
The Federal Communications Commission should delay implementing its call-blocking deadline, CUNA and other organizations wrote in an ex parte letter filed in response to a petition regarding requirements that voice service providers that block calls notify callers of the block using certain codes.

CUNA announces three new associate business members
CUNA announced three new associate business members have joined CUNA’s advocacy efforts to support and advance the credit union movement. Newly announced members are CU Business Group, LLC, Credit Union Commercial Group, and CliftonLarsonAllen.

CUNA calls on President Biden to withdraw IRS reporting proposal
The expanded Internal Revenue Service (IRS) reporting proposal should be withdrawn and the administration should look at more targeted methods of tax enforcement, CUNA and other organizations wrote President Joe Biden Monday.

NCUA board announces 2022 meeting schedule
The NCUA board released its monthly meeting schedule for 2022 Monday. The calendar is posted to the NCUA’s public website along with the agendas, which are available one week in advance of each open board meeting.

CFPB director testimony, IRS reporting meeting this week in Congress
Consumer Financial Protection Bureau Director Rohit Chopra will testify before House and Senate committees for the first time as bureau director this week. The House is expected to vote on legislation—potentially including infrastructure and/or reconciliation legislation.

CUNA supports FHFA’s ‘ambitious’ housing goals for GSEs
CUNA applauds the Federal Housing Finance Agency for setting ambitious goals for Fannie Mae and Freddie Mac, it wrote to the FHFA Monday. The FHFA is required by statute to establish annual housing goals for Fannie and Freddie.

Foundation board candidates must apply by Oct. 28
The National Credit Union Foundation is currently seeking candidates for its volunteer Board of Directors. Six board seats are either vacant or have terms expiring at the end of 2021. Applications must be received by 4 p.m. ET on Thursday, Oct. 28.

IRS reporting proposal ‘undermines confidence’ in financial system
The proposal to expand financial institution reporting to the Internal Revenue Service continues to raise major concerns despite revisions, CUNA Chief Advocacy Officer Ryan Donovan said, adding that it would impact nearly every American that earns a wage.

Compliance: NCUA issues guidance, announces upcoming ECIP action
Eligible LICUs may accept 30-year subordinated debt investments from the Treasury’s Emergency Capital Investment Program, as detailed in a letter to credit unions. The announcement is part of a three-step process NCUA is taking ensure credit unions have full access to EICP.

CUNA receives additional nomination for board election
CUNA received an additional nomination last week for its board election. Nominations are now being accepted for nine open director positions on CUNA’s Board of Directors. The deadline for nominations and seconds is Thursday, Nov. 11.  

Senate bill introduced to prohibit enhanced IRS reporting
CUNA wrote in support of a bill from Sen. Tim Scott (R-S.C.) Thursday that would prohibit implementation of increased financial institution reporting to the IRS, the Prohibiting IRS Financial Surveillance Act. A House companion bill was introduced earlier this week.

CFPB to collect info on payment systems of large tech companies
The CFPB Thursday issued a series of orders to collect information on the business practices of large technology companies operating payments systems in the U.S., including Amazon, Apple, Facebook, Google, PayPal, and Square.

200-plus members of Congress write to oppose increased IRS reporting
More than 200 members of Congress wrote to Treasury Secretary Janet Yellen Thursday re-asserting concerns with a proposal to expand Internal Revenue Service (IRS) reporting requirements, the result of continued CUNA-League advocacy.

NCUA finalizes CUNA-backed CUSO, CAMELS rules
The NCUA board finalized two CUNA-supported rules and received a cybersecurity briefing at its October meeting. The final rules involve credit union service organizations (CUSOs) and adding changes to the CAMELS rating system.

Expanded IRS reporting would set back inclusion efforts
Credit union members from coast to coast have grave concerns with a proposal to expand financial institution reporting to the Internal Revenue Service, CUNA, the American Association of Credit Union Leagues, and all 35 Leagues wrote to Congressional leadership Wednesday.

Media outlets cover CUNA opposition to expanded IRS reporting
Major media outlets around the country have picked up on the strong CUNA, League, and credit union push against a proposal to require expanded financial institution reporting to the IRS, including CUNA Chief Advocacy Officer Ryan Donovan's remarks that the proposal is "fundamentally flawed."

CUNA backs bill to prohibit enhanced IRS reporting
CUNA wrote in support of a House bill Wednesday that would prohibit implementation of increased financial institution reporting to the Internal Revenue Service, the Prohibiting IRS Financial Surveillance Act (H.R. 5586). A similar CUNA-supported bill was introduced earlier this month.

Regulators issue statement on LIBOR transition expectations
NCUA, the CFPB and other federal financial regulators issued a joint statement on the LIBOR transition this week. LIBOR is used as a reference interest rate for many financial products and the one-week and two-month settings will cease to be published Dec. 31.

Revised IRS reporting proposal ‘huge leap in the wrong direction’
Revisions to a proposal to require increased financial institution reporting to the Internal Revenue Service do not address credit union concerns, CUNA Chief Advocacy Officer Ryan Donovan said in response to reports of potentially raising the $600 account threshold in original proposals to $10,000.

Global credit union membership surpasses 375 million
Continued growth and increased data reporting resulted in a 29% year-to-year increase in international credit union membership, according to World Council of Credit Unions’ 2020 Statistical Report. As of Dec. 31, 2020, there were 375,160,065 credit union members in 118 countries.

NCUA issues risk alert on cloud-based business email compromise
NCUA issued a Risk Alert this week highlighting a recent bulletin that cybercriminals are targeting organizations that use popular cloud-based email services to conduct Business Email Compromise scams and steps credit unions can take prevent this type of fraud.

Illinois League CU Kind Day helps support over 300 local organizations
A record 66 Illinois credit unions and partners joined forces with the Illinois Credit Union League Oct. 11 for the third annual CU Kind Day. The day brought together 2,700 credit union volunteers supporting 322 community organizations, generating more than $80,000 in goods and donations.

NCUA to host Oct. 28 webinar on ACET cybersecurity resource
NCUA is hosting a webinar on the agency's Automated Cybersecurity Evaluation Toolbox (ACET) beginning Oct. 28, which features a video presentation about the Toolbox followed by a question-and-answer session moderated by agency staff.

Nominations received for CUNA board election
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Spiczenski shares latest on 2022 CUNA GAC
CUNA Chief Products and Services Officer Todd Spiczenski recently appeared on CU Broadcast to talk about the 2022 CUNA GAC, confirming it will bring back crowd favorites, including keynote speakers, breakout sessions, and the exhibit hall.

NCUA to host appraisal bias, racial homeowner gap webinar
NCUA will host a webinar, “Bias in Home Appraisals and the Racial Homeownership Gap,” Oct. 27. Registration is now open for the webinar, which is scheduled to begin at 2 p.m. ET.

Donovan gives SAFE Banking Act update at Canna Biz conference
CUNA Chief Advocacy Officer Ryan Donovan spoke about credit union support of the SAFE Banking Act at the Credit Union Association of New Mexico’s Canna Biz conference, including a look at potential paths forward for the bill.

64 credit union professionals to participate in mentorship match
Sixty-four participants from three states were selected to participate in the inaugural Tristate Mentor Match - a 12-month formal mentorship program developed in partnership by the Minnesota Credit Union Network, Montana’s Credit Unions and the Wisconsin Credit Union League.

Expanded IRS reporting could lead to ‘serious negative consequences’
Lawmakers must fully understand the additional compliance required by taxpayers and financial institutions under proposed new Internal Revenue Service reporting requirements, CUNA and more than 100 organizations wrote to Congressional leaders Thursday.

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