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.
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.
After the proposed CUSO lending rule change approved in January by the NCUA Board, bankers are asking for more time to comment.
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.
Emily Claus discusses the merger of Xceed Financial Credit Union and Kinecta Federal Credit Union going into effect next month and debates the reasons behind low member participation.
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.
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.
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.