Also: IRS, Treasury issue guidance on payroll tax deferral; FCC needs to protect legitimate callers, says LaBerge



NAFCU TODAY | The News You Need Daily.

September 1, 2020



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NAFCU warns GSE capital proposal could have negative outcomes [ [link removed] ]
In response to the Federal Housing Finance Agency's (FHFA) re-proposed rule to establish capital requirements for the government-sponsored enterprises (GSEs), NAFCU's Elizabeth LaBerge urged the agency to "adopt a realistic capital framework for the GSEs to begin moving toward exiting conservatorship." She warned that excessively high capital requirements could negatively impact credit unions and increase the cost of mortgage credit across the system, limiting access for vulnerable borrowers.


Treasury, IRS offer clarification on employment tax deferral ordered by President Trump [ [link removed] ]
The Treasury Department and the Internal Revenue Service (IRS) Friday released guidance to clarify the implementation of an executive order allowing employers to defer withholding and payment of an employee's portion of the payroll tax if the employee's wages were below a certain amount. The executive order was issued by President Donald Trump Aug. 8.


NAFCU reiterates call for FCC to protect legitimate callers [ [link removed] ]
In response to the Federal Communications Commission's (FCC) recent order and fourth further notice of proposed rulemaking on methods to target and eliminate unlawful robocalls, NAFCU's Elizabeth LaBerge reiterated NAFCU's call for the agency to protect legitimate callers and ensure consumers receive important information.






NAFCU raises CU COVID-19 relief priorities ahead of hearing [ [link removed] ]
Treasury Secretary Steven Mnuchin is set to testify today before the House Select Subcommittee on the Coronavirus Crisis as he has played an integral role in negotiating packages and implementing programs amid the pandemic. Ahead of the hearing, NAFCU Vice President of Legislative Affairs Brad Thaler reiterated the association's call for additional credit union relief measures to be included in the next coronavirus-related package.


Cybersecurity and payments committee to discuss FedNow, OCC charter [ [link removed] ]
NAFCU's Cybersecurity and Payments Committee today is set to hear an update on the Federal Reserve's FedNow Service from the Federal Reserve Bank of Chicago's Tim Boike. The committee will also discuss activity related to the Office of the Comptroller of the Currency's (OCC) payments charter and U.S. Coin Task Force.


NCUA bans 1 from future work in FIs [ [link removed] ]
The NCUA in August issued one prohibition notice, prohibiting an individual previously associated with credit unions from any future participation in the affairs of a federally-insured financial institution.



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