Trade Groups Say IRS Coronavirus Payment Process is Confounding Credit Unions, Members

Trade Groups Say IRS Coronavirus Payment Process is Confounding Credit Unions, Members

The Internal Revenue Service’s “Get My Payment” portal to provide information to consumers about their federal coronavirus Economic Impact Payments is providing inaccurate information to many financial institutions and their customers, creating confusion for everyone involved, groups including CUNA, NAFCU, the ABA and the ICBA wrote in a letter to IRS Commissioner Charles Rettig, reports David Baumann of the Washington CU Daily.

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Marijuana Banking Bill Introduced in Senate

Marijuana Banking Bill Introduced in Senate

A bipartisan group of senators introduced legislation that would make it easier for credit unions and banks to provide financial services to marijuana-related businesses, reports David Baumann of the Washington CU Daily.

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Senators Introduce Legislation to Increase NCUA Loan Maturity Cap

Senators Introduce Legislation to Increase NCUA Loan Maturity Cap

Sens. Tim Scott (R-S.C.) and Catherine Cortez Masto (D-Nev.) have introduced legislation to increase the loan maturity cap of 15 years on credit union loans to 20 years, reports David Baumann of the Washington CU Daily.

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House Members Introduce Legislation to Lift MBL Cap During Crisis

House Members Introduce Legislation to Lift MBL Cap During Crisis

Reps. Brad Sherman (D-Calif.) and Brian Fitzpatrick (R-Pa.) introduced legislation in Congress that would lift the credit union member business lending cap of 12.25% during the coronavirus economic emergency in order to allow credit unions to make more loans during the economic crisis, reports David Baumann of the Washington Credit Union Daily.

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Credit Unions Say SBA Has Improved Management of PPP Lending, But That Problems Persist

Credit Unions Say SBA Has Improved Management of PPP Lending, But That Problems Persist

The second iteration of the Small Business Administration’s Paycheck Protection Program is operating much more efficiently than the first version, credit union trade groups said, but added that they continue to run into persistent problems that hamper lenders and borrowers, reports David Baumann of the Washington Credit Union Daily.

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CUNA Continues Push for Liability Protection from Coronavirus Lawsuits

CUNA Continues Push for Liability Protection from Coronavirus Lawsuits

CUNA signed a letter with hundreds of other organizations urging Congress to include temporary coronavirus liability protection in any new economic stimulus legislation, reports David Baumann of the Washington Credit Union Daily.

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Galicia Named Harper’s Chief of Staff

Galicia Named Harper’s Chief of Staff

David Baumann of the Washington CU Daily reports that new NCUA Chairman Todd Harper on Monday announced the appointment of Catherine Galicia as his chief of staff. Before being named chief of staff, Galicia served as Harper’s senior policy counsel.

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NCUA Renewing Streamlined CDFI Application Process

NCUA Renewing Streamlined CDFI Application Process

The NCUA will begin accepting applications on Jan. 24 for federally insured, low-income credit unions that want to use the agency’s streamlined qualification process to be certified as Community Development Financial Institutions, reports David Baumann of the Washington CU Daily. The application deadline is April 3.

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NCUA Personnel Moves: Cole Retires; Hauptman Hires Sarah Canepa Bang

NCUA Personnel Moves: Cole Retires; Hauptman Hires Sarah Canepa Bang

Announcing National Credit Union Administration staff moves: J. Owen Cole is retiring and Sarah Canepa Bang has been hired by Vice Chairman Kyle Hauptman as his senior advisor, reports David Baumann of the Washington Credit Union Daily.

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Bankers Say NCUA Subordinated Debt Rule Undermines Credit Union Mission

Bankers Say NCUA Subordinated Debt Rule Undermines Credit Union Mission

David Baumann of the Washington CU Daily reports that the Independent Community Bankers of America and the American Bankers Association have criticized the National Credit Union Administration for a final rule allowing low-income, complex and new credit unions to issue subordinated debt.

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