In
Budget Proposal, Biden Outlines Spending and Revenue Vision; NAFCU To Fight Reporting
Requirement for Credit Unions
President Joe Biden on Friday released
the details of his administration’s proposed budget for fiscal year 2022. The
$6 trillion budget proposes to increase federal spending in areas ranging from
housing, education, health care, and infrastructure. Of note for credit unions,
the proposal would boost funding for the Small Business Administration (SBA) and
Community Development Financial Institution (CDFI) Fund compared to the 2021 enacted
levels. The proposed budget seeks various ways to raise revenues to pay for this
spending, including increase the corporate tax rate to 28 percent from 21 percent,
raise the individual tax rate for high-income earners to 39.6 percent, as well
as increase IRS audits and requiring financial institutions to comply with additional reporting requirements on accounts.
New
whitepaper details CU execs’ insights on post-pandemic merger considerations
DDJ Myers – a NAFCU Services Preferred Partner – released a whitepaper this
week outlining the post-pandemic environment for credit union mergers and acquisitions.
The study included in-depth interviews with 25 credit union executives and board
members with extensive experience in mergers and acquisitions.
This
week: NAFCU keeps CU priorities top of mind
While the House and Senate
are out this week, NAFCU's advocacy team continues to fight for industry
priorities and the association will continue to keep credit unions informed of
key regulatory and legislative updates.
Critical Industry Update
Attend NAFCU's State of the Industry complimentary virtual event to hear the
CU industry's best minds dissect the current state of affairs and discuss what
you should expect in the future.
