As Congress considers critical new infrastructure spending, policymakers are eyeing unconventional sources of revenue to fund their plans.
One proposal under consideration would require credit unions and other financial institutions to report to the Internal Revenue Service (IRS) how much money has gone into and out of accounts holding more than $600.
This unprecedented access to consumers’ personal financial data raises several alarms for credit unions and their members:
Last week, the Minnesota Credit Union Network issued a GREAT alert: Tell Congress to Oppose New IRS Reporting Provisions. If you haven't already done so, please take a minute and to contact your Representatives and Senators and tell them not to jeopardize consumers’ personal financial privacy by allowing the IRS to access nontaxable deposit account information from credit unions and banks.
The House Ways and Means Committee will be considering this proposal in the next two weeks. MnCUN worked with Congressman Emmer’s office on a sign-on letter in opposition to financial institutions reporting to the IRS.
Additionally, CUNA issued an action alert and the Member Activation Program has templates and resources MAP credit unions can use to activate members to contact Congress.
Despite the fact that the legislature is not in session, Minnesota legislative leaders have been making news recently.
In a letter to state chartered credit unions last week, the Minnesota Department of Commerce announced that it would continue to control the costs of regulation for another year and noted that prior year revenue was higher than expected.
As such, credit unions should see a reduction in this year's assessment and the examination rate will remain consistent. The assessment for fiscal year 2022 is $421,000, down from $453,000 in 2021 and $518,000 in 2020. The examination fee for fiscal year 2022 is $87 per hour.
State chartered credit unions should contact Marcia Lewis, Minnesota Department of Commerce Chief Examiner with questions.
Hike the Hill provides credit union representatives with a unique opportunity to meet with federal legislators and talk about top issues that credit unions in Minnesota are facing. During the virtual Hike the Hill visits, credit union professionals and volunteers will meet with the entire Minnesota Congressional Delegation.
Meetings will be scheduled on various days during the week of September 20th to allow for maximum flexibility for members of Congress to able to attend. Once meetings have been scheduled, registered attendees will receive a calendar invitation from Network staff with the exact date and time. The week will kick off with a Legislative Briefing from Network staff on Mon., September 20 at 10 a.m.
Please contact Ryan Smith at firstname.lastname@example.org with any questions.
To maximize the impact of this effort, we need your help. We are looking for stories that show how credit unions provide affordable financial services and put members and communities first. Share your story by uploading a video to: Working for Minnesota.
Contact Julia Miller, MnCUN Director or Communications, with questions.
Hike the Hill provides credit union representatives with an exciting opportunity to meet with federal legislators and talk about top issues that credit unions in Minnesota are facing. During the virtual Hike the Hill visits, credit union professionals and volunteers will meet with the entire Minnesota Congressional Delegation.
Meetings will be scheduled on various days during the week of September 20th to allow for maximum flexibility for members of Congress to able to attend. Once meetings have been scheduled, attendees will receive a calendar invitation from Network staff with the exact date and time.
Please contact Ryan Smith, MnCUN Director of Governmental Affairs with any questions.
The Minnesota legislature ended a special session last week to pass the final bills that will complete state’s biennial budget and avoid a government shutdown. To keep you informed of developments of interest to credit unions at the State Capitol, we have put together a summary of relevant legislative actions.
In mid-May, the Minnesota state legislature adjourned their regular session with an agreement between the House and Senate leaders on the overall state budget numbers and tasked committee chairs with working out the details of their respective budgets.
U.S. Senator Smith, in partnership with Senator Sasse (R-NE), introduced the Senate companion to the Credit Union Governance Modernization Act in the House. This bill creates a pathway for federal credit unions to expel members without a full vote of their membership.
“This bill is an important update of the federal credit union charter and prioritizes the safety of credit union members and the staff that serve them,” said Mark Cummins, President and CEO of the Minnesota Credit Union Network. “We appreciate Senator Smith’s commitment to strengthening the security of Minnesota credit unions.”
“We thank Sens. Smith and Sasse for their bipartisan bill that would modernize the Federal Credit Union Act to support staff and member safety,” said Jim Nussle, President and CEO of the Credit Union National Association. “We look forward to working with them to advance this bipartisan legislation so that we can bring credit union governance into the 21st century.”
You can access bill text here.
The Pulse is MnCUN's newsletter that keeps credit union professionals and board members updated on current news and information.
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