A bombshell letter from a prominent senator and a court ruling criticizing credit unions’ interpretation of “field of membership” have bankers hopeful that Congress may finally be willing to examine the public-policy purpose of the Depression-era tax break.
Small financial institutions are eager to see the Senate’s reform bill signed into law, but House efforts to amend the legislation risk stalling the effort.
If the National Credit Union Administration appeals a judge's decision against part of its rule, it could help the ABA potentially upend other provisions.
Financial institutions and retail companies are trading barbs over which industry poses greater risk to sensitive customer information just as lawmakers are planning to take another stab at a data security bill.
Acting CFPB Director Mick Mulvaney dismissed concerns by Sen. Elizabeth Warren, D-Mass., about his leadership of the consumer agency while supporting a lighter regulatory touch for credit unions.
National Credit Union Administration Chairman J. Mark McWatters made an appeal to credit union executives to work with small community banks when it comes to advocating for shared goals.
Credit union executives talked up a pending regulatory relief effort while endorsing a radical shift in direction by the Consumer Financial Protection Bureau during a meeting with President Trump and other top White House officials on Monday.
The National Association of Federally-Insured Credit Unions and the Credit Union National Association sent a joint letter to Sen. Orrin Hatch on Wednesday defending the credit union charter and its tax status.
Credit union groups were scrambling Wednesday to respond to a letter from Senate Finance Committee Chairman Orrin Hatch questioning whether the industry had outgrown its income-tax exemption.
Four financial trade associations sent a letter to Senate leaders touting the regulatory relief bill as "example of how our elected leaders can advance necessary solutions by working together and across the aisle."
