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This week: NAFCU intensifies advocacy against IRS reporting requirement, SBA direct lending proposals
This week, NAFCU will continue its bold advocacy strategy to fight against the inclusion of proposed IRS reporting requirements in the budget reconciliation package, the Build Back Better Act, working its way through Congress. The association will also be voicing opposition for a proposal granting the Small Business Administration (SBA) new direct-lending abilities - currently included in the package. In addition, the association will monitor this Thursday’s NCUA Board meeting.
On the proposed IRS reporting requirements, NAFCU last week launched a new round of grassroots efforts against the proposal to encourage credit unions to engage with lawmakers on this issue to warn them of the impact on financial institutions and to reject the latest efforts to include it.
In addition, the association joined two groups of several trade associations on letters sent to both the House and Senate reiterating the nationwide concerns about the proposal.
Regarding the SBA's efforts to create a direct lender program, NAFCU’s advocacy team is working with SBA and Congress to ensure that SBA continues its partnerships with community financial institutions, including credit unions, but does not become a direct lender itself.
NAFCU will continue to keep credit unions up to date on both issues.
Thursday, the NCUA Board is expected to issue a proposed rule related to subordinated debt and will receive its quarterly briefing on the National Credit Union Share Insurance Fund (NCUSIF) and mid-session budget briefing. Find a breakdown of the meeting agenda here.
Also happening this week:
- tomorrow, the House Financial Services Committee's task force on financial technology will hold a hearing on preserving the right of consumers to access personal financial data;
- Thursday, a House Financial Services subcommittee hearing will review the Federal Reserve's emergency lending powers; and
- Thursday, the association will host a webinar on the latest guidance related to individual retirement accounts.
Stay tuned to NAFCU Today for the latest out of Washington.