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Good Morning, Happy Wednesday, I hope everyone is having a great week! Things in Washington are a little more quiet this week with both the Senate and House in recess following last week’s bipartisan infrastructure vote and budget reconciliation “vote-a-rama.” The “vote-a-rama” included more than 14 hours of continuous amendment votes and was the third amendment marathon that has taken place this year. One such amendment that filed 49-50 along party lines, was an amendment in response to an administration proposal that would require financial institutions to report additional accountholder information to the Internal Revenue Service, which was offered by Sen. Mike Crapo (R-ID). CUNA sent of letter of support for the amendment detailing, “Banks, credit unions, and other entities would be required to annually report to the IRS the gross inflows and outflows of account holders (businesses and individuals) with a breakdown for cash, transactions with a foreign account, and transfers to and from another account with the same owner,” also pointing out our major concern, “Privacy and data security are paramount issues…CUNA remains doubtful that such data will be safe and private.” We also have major concerns about how this proposal could likely have a greater burdensome effect on small credit unions due to increased costs of software upgrades and staff training that would most certainly be necessary. We will keep a close eye on this issue and continue to engage with both Congress and the IRS to find a solution and avoid any unintended consequences. Register for Regulatory VIRTUAL Hike the Hill Today! Let’s find the positives! While we are disappointed that newly implemented restrictions in Washington have forced us to cancel the in-person portion of our annual fall Hike the Hill, we are excited to have the opportunity to once again open-up attendance for our Virtual Regulatory meetings to all DakCU members. These meeting will be taking place on September 14th and 15th. You don’t want to miss this great opportunity to express your concerns with the NCUA and CFPB to give them feedback on what is working and what they could possibly improve on to strengthen their relationship with the institutions they regulate and examine – this is especially important this year with new leadership in charge at both agencies. I urge every credit union to consider sending at least one representative to our virtual meetings. To find out more detail about all four confirmed NCUA and CFPB meetings and to register, check out today’s Hike the Hill update in the Memo here. As always, don't hesitate to contact me at jkruse@dakcu.org with any questions or comments.
Good Morning,
Happy Wednesday, I hope everyone is having a great week! Things in Washington are a little more quiet this week with both the Senate and House in recess following last week’s bipartisan infrastructure vote and budget reconciliation “vote-a-rama.” The “vote-a-rama” included more than 14 hours of continuous amendment votes and was the third amendment marathon that has taken place this year.
One such amendment that filed 49-50 along party lines, was an amendment in response to an administration proposal that would require financial institutions to report additional accountholder information to the Internal Revenue Service, which was offered by Sen. Mike Crapo (R-ID). CUNA sent of letter of support for the amendment detailing, “Banks, credit unions, and other entities would be required to annually report to the IRS the gross inflows and outflows of account holders (businesses and individuals) with a breakdown for cash, transactions with a foreign account, and transfers to and from another account with the same owner,” also pointing out our major concern, “Privacy and data security are paramount issues…CUNA remains doubtful that such data will be safe and private.”
We also have major concerns about how this proposal could likely have a greater burdensome effect on small credit unions due to increased costs of software upgrades and staff training that would most certainly be necessary. We will keep a close eye on this issue and continue to engage with both Congress and the IRS to find a solution and avoid any unintended consequences.
Register for Regulatory VIRTUAL Hike the Hill Today!
Let’s find the positives! While we are disappointed that newly implemented restrictions in Washington have forced us to cancel the in-person portion of our annual fall Hike the Hill, we are excited to have the opportunity to once again open-up attendance for our Virtual Regulatory meetings to all DakCU members. These meeting will be taking place on September 14th and 15th. You don’t want to miss this great opportunity to express your concerns with the NCUA and CFPB to give them feedback on what is working and what they could possibly improve on to strengthen their relationship with the institutions they regulate and examine – this is especially important this year with new leadership in charge at both agencies.
I urge every credit union to consider sending at least one representative to our virtual meetings. To find out more detail about all four confirmed NCUA and CFPB meetings and to register, check out today’s Hike the Hill update in the Memo here.
As always, don't hesitate to contact me at jkruse@dakcu.org with any questions or comments.