BRIEFLY: Transition – Farewell to VA’s Hughes after 41 years; Retiring Ito profiled in American Banker; Trades warn about more reporting; 2 weeks left to apply for CDRLF grants

(June 11, 2021) Congratulations to Virginia’s Robert “Bob” Hughes retired as deputy director of the State Corporation Commission Bureau of Financial Institutions on May 28 after 41 years of service … Retiring NASCUS leader Lucy Ito is profiled in the American Banker (a trade publication) this week, focusing on NASCUS’ efforts to bring transparency and equity to the overhead transfer rate – which the article notes was a singular accomplishment during her nearly seven-year turn at the helm of the association. (To see the full text of the article, see the link below – subscription required) … Requiring financial institutions to report information on account flows for tax reporting purposes “would be a complex undertaking” with significant compliance burdens that may outweigh whatever benefits result, according to a letter sent from financial institution trade groups (including those representing credit unions) to a House subcommittee this week. The letter essentially cautions lawmakers about taking the step, which was proposed last week by President Joe Biden (D) in his 2022 budget. Under the proposal, all deposit, loan and investment accounts at financial institutions (including credit unions) for persons and businesses would be subject to a $600 “de minimus” gross inflow reporting threshold. The provision is designed to increase taxpayer compliance with income reporting … There is just a bit more than two weeks left for low-income designated credit unions to seek Community Development Revolving Loan Fund (CDRLF) grants, including minority depository (MDI) mentoring grants, NCUA said the week. The deadline is June 26 to apply for the approximately $1.5 million in CDRLF grants to the most-qualified applicants, subject to the availability of funds, the agency said. There are three categories of grants: underserved outreach (maximum award of $50,000); MDI mentoring (maximum award of $25,000); and digital services and cybersecurity (maximum award of $7,000).

American Banker — Lucy Ito’s legacy: Lowering a vexing regulatory cost for credit unions (subscription required)

Joint Statement for the Record to the House Ways and Means Committee for the Hearing “Minding the Tax Gap; Improving Tax Administration for the 21st Century”

NCUA grants program