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Citing problems with credit union industry transparency, oversight, and unfair competition, the National Taxpayers Union told key members of Congress that it opposes expanding the credit union member-business-lending cap unless several conditions are met.
In a letter to Senate Banking and House Financial Services committee leaders, the NTU said lawmakers should address field-of-membership concerns, the lack of tax parity with other financial institutions, the Unrelated Business Income Tax, and the Form 990 exemption for federal credit unions.
ICBA has long opposed credit union industry efforts to raise the 12.25 percent lending cap. In a May letter to the committees, ICBA said the industry's efforts to exempt COVID-19-related business loans from the member-business-lending cap is a solution to a problem that doesn't exist.
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The Financial Crimes Enforcement Network issued an advisory on a high-profile scam exploiting Twitter accounts to solicit fraudulent virtual currency payments.
ImageJul 17, 2020
The Consumer Financial Protection Bureau reported on more than 8,000 complaints it received from January through May that mention the coronavirus or related terms. Mortgage, credit card, and credit or consumer reporting complaints top the list.
ImageJul 17, 2020
As the leaders in responding to the economic fallout of COVID-19 and responsible for two-thirds of Paycheck Protection Program loans, community banks today provided Congress with recommendations for the next economic stimulus package.
ImageJul 16, 2020
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