NCUA Board member Rodney Hood called on federal banking regulators to begin developing a joint principles-based approach to marijuana banking, reports David Baumann of the Washington CU Daily.
Requiring financial institutions, including credit unions, to report to the Internal Revenue Service the inflows and outflows from customer accounts could raise $460 billion in additional tax revenue over ten years, according to IRS Commissioner Charles Rettig. Reported by David Baumann of the Washington CU Daily.
Low-income, federally insured credit unions that wish to be certified as Community Development Financial Institutions may apply for the NCUA’s streamlined qualification process between Sept. 12 and Oct. 15, agency officials announced.
NCUA examiners are too picky in their Anti-Money Laundering/Bank Secrecy Act enforcement and are citing financial institutions for small technical violations, NAFCU and CUNA have told the agency, reports David Baumann of the Washington CU Daily.
The Justice Department this week threw its support behind the Fed’s proposed rule that would require financial institutions to give merchants a choice of debit card networks for online transactions and other purchases when consumers do not physically present their debit cards, reports David Baumann of the Washington Credit Union Daily.
President Biden has announced his intention to nominate National Credit Union Administration Chairman Todd Harper to serve a full term on the agency board, reports David Baumann of the Washington Credit Union Daily.
The House Financial Services Committee approved H.R. 4590, which would require federal financial regulators to develop a strategic plan to encourage the chartering of new credit unions and banks, reports David Baumann of the Washington Credit Union Daily.
The NCUA board agreed to solicit comments on a proposed rule that would amend the agency’s capital adequacy regulation governing credit unions with assets over $500 million, among other decisions at its July meeting, reports David Baumann of the Washington Credit Union Daily.