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.
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.
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.
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.
President-elect Joe Biden has appointed his Consumer Financial Protection Bureau transition team and his Federal Reserve, Banking and Securities transition team, reports David Baumann of the Washington Credit Union Daily.
With the election, change is coming to the NCUA and the CFPB, says David Baumann of the Washington CU Daily. Biden is expected to remove the current CFPB Director Kathy Kraninger and there are seven names that come up often as possible replacements. The party balance of the NCUA is going to be determined by the Senate, although Biden may change the chairman.