Also: Resources to encourage coin circulation released; NAFCU active as Congress talks key issues
NAFCU TODAY | The News You Need Daily.
September 24, 2020
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IRS clarifies reporting requirements for PPP loan forgiveness [ [link removed] ]
The Internal Revenue Service (IRS) Tuesday published an announcement related to reporting requirements for paycheck protection program (PPP) loans forgiven under the CARES Act. Based on the announcement, lenders who have made PPP loans that qualify for forgiveness are not required to file information returns or furnish payee statements to report the amount of qualifying forgiveness.
New resources for FIs to encourage coin movement unveiled [ [link removed] ]
The U.S. Mint has announced that October will be #GetCoinMoving month – a month-long campaign created to encourage consumers to redeem their spare coins. New tailored resources and recommendations issued as part of the campaign for financial institutions can be found on the U.S. Coin Task Force website.
NAFCU engaged as Congress reviews key CU issues [ [link removed] ]
NAFCU's award-winning advocacy team is active with Congress as the Senate Banking Committee today is set to hear from Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin on the impact of the CARES Act. The association is also keeping an eye on upcoming hearings on the paycheck protection program (PPP), and yesterday monitored hearings on data privacy and the coronavirus pandemic.
Survey on small biz data collection extended to Oct. 16 [ [link removed] ]
The CFPB has extended the deadline for a survey related to its small business data collection rulemaking until Oct. 16 following the release of proposals under consideration. NAFCU has called on the bureau to exempt credit unions from the rulemaking.
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