Also: NCUA's Hood visits NAFCU HQ to talk agency priorities; New fraud scheme puts stolen card info into barcodes
NAFCU TODAY | The News You Need Daily.
February 19, 2020
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CU tax exemption significantly benefits economy, says NAFCU [ [link removed] ]
Since the 2008 financial crisis, banks have been fined more than $243 billion for consumer abuses and risky behaviors that contributed to the crisis. Despite these fines, banks continue to see soaring profits and billions of dollars in tax handouts – $18 billion last year alone – and yet their lobbyists continue to propagate misleading claims about the credit union industry and its tax-exempt status in an attempt to stifle competition. As the industry's Washington Watchdog, NAFCU is setting the record straight by touting the real benefits of credit unions to Congress and the public.
NCUA's Hood visits NAFCU HQ [ [link removed] ]
NCUA Board Chairman Rodney Hood met with NAFCU President and CEO Dan Berger at the association's headquarters Tuesday to discuss credit union issues and agency priorities.
New fraud turns stolen credit card info into barcodes [ [link removed] ]
A new article from KrebsonSecurity alerts financial institutions, businesses, and consumers to a new fraud scheme in which stolen credit card information is embedded into barcodes on fake money network rewards cards. When paying for merchandise, the scammers instruct the cashier to scan the barcode and enter the expiration date and card security code, which are also displayed on the rewards card.
NAFCU's 2020 Advocacy Priorities. Because to us, it's personal. Read Advocacy Priorities [link removed]
NAFCU urges IRS to provide CU-bank parity [ [link removed] ]
In response to the Internal Revenue Service's (IRS) notice of proposed rulemaking to implement an amendment made by the 2017 Tax Cuts and Jobs Act (TCJA) to impose a 21 percent excise tax on certain executive compensation plans, NAFCU Regulatory Affairs Counsel Kaley Schafer reiterated NAFCU's concerns over the inequitable application of employee remuneration regulations for not-for-profit entities and asked the agency to provide parity with for-profit corporations.
NAFCU to CFPB: Consider costs, exemption under small biz data collection rule [ [link removed] ]
While the CFPB works to assess compliance costs that would be incurred under Section 1071 of the Dodd-Frank Act, which remains unimplemented and requires collection of small business lending information, NAFCU Senior Counsel for Research and Policy Andrew Morris again urged the bureau to exempt credit unions from a future rulemaking.
NAFCU, CUs talk NCUA, CFPB proposals [ [link removed] ]
NAFCU's Regulatory Committee met Tuesday and discussed several issues and recently proposed rules from the NCUA and CFPB. As a direct-membership association, NAFCU uses insights from its members to develop its advocacy strategy and provide feedback to regulators.
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