Also: Congress set to discuss fraud, DEI this week; NAFCU shares concerns with new housing bill adding CU burdens
NAFCU TODAY | The News You Need Daily.
April 26, 2021
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Berger: Eliminating CU exemption 'should be nonstarter in Congress' [ [link removed] ]
In response to bankers' latest attack to cast doubt on the benefits of the credit union industry's federal tax exemption, NAFCU President and CEO Dan Berger has a new op-ed in American Banker arguing why eliminating credit unions' tax status "should be a nonstarter in Congress."
This week: Congress explores fraud, DEI [ [link removed] ]
Congress continues its work this week as lawmakers are tackling COVID-related fraud, diversity, equity and inclusion (DEI) issues, taxes, and fiscal year 2022 funding. President Joe Biden is also set to deliver a joint address to Congress Wednesday where he's expected to outline his infrastructure proposal and goals for recovery from the coronavirus pandemic.
NAFCU opposes new housing bill's CU burdens [ [link removed] ]
A group of Democratic lawmakers, led by Sen. Elizabeth Warren, D-Mass., have reintroduced a proposal for comprehensive housing reform, the American Housing and Economic Mobility Act of 2021. While the package would allow some credit unions to add underserved areas to their fields of membership, it would also subject them, and community chartered credit unions, to new statutory requirements.
Reminder: Credit card agreements due to CFPB Friday [ [link removed] ]
Quarterly credit card agreements are due to the CFPB April 30 in accordance with the Truth in Lending Act (TILA). The rule applies unless the credit card agreement previously submitted continues to be offered and has not been amended. In addition, the rule has exceptions for certain private label cards and for credit unions with fewer than 10,000 open credit card accounts.
SBA launches new EIDL program [ [link removed] ]
The Small Business Administration (SBA) last week launched the supplemental targeted EIDL advance program, which was created under the American Rescue Plan Act. The program allows eligible businesses an additional $5,000 advance that does not need to be repaid.
New-home sales reach highest level since August 2006 [ [link removed] ]
New-home sales boomed 20.7 percent in March – from February’s upwardly revised rate of 846,000 annualized units to 1,021,000 units during the month. NAFCU's Curt Long analyzes the data and notes that new-home sales soared to its highest level since August 2006 in a new Macro Data Flash report.
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