IRS
clarifies reporting requirements for PPP loan forgiveness
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
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
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.
NAFCU's Credit Union Compliance
Roadmap is now available!
NAFCU's Credit Union Compliance GPS is
now the Credit Union Compliance Roadmap. Download a sneak peek today!
Survey
on small biz data collection extended to Oct. 16
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.
