U.S. Senate
Dear Senators Crapo, Warner, Moran and Warnock,
On behalf of the National Association of State Credit Union Supervisors (NASCUS) and the Conference of State Bank Supervisors (CSBS), we write regarding the TRAPS Act (S.B. 2019), and the proposed establishment of a fraud task force to recognize and avert payment scams.
We commend your leadership in advancing this critical legislation to combat financial fraud and protect consumers. As the bill progresses, we respectfully request that the proposed task force include representatives from state regulatory agencies: specifically, representatives appointed by NASCUS and CSBS, the representative bodies of state credit union and state bank and financial services regulators, respectively…Read more
U.S. House of Representatives
Dear Representatives Nunn and Himes,
On behalf of the National Association of State Credit Union Supervisors (NASCUS) and the Conference of State Bank Supervisors (CSBS), we write regarding the TRAPS Act (H.R. 4936) and the proposed establishment of a fraud task force to recognize and avert payment scams.
We commend your leadership in advancing this critical legislation to combat financial fraud and protect consumers. As the bill progresses, we respectfully request that the proposed task force include representatives from state regulatory agencies: specifically, representatives appointed by NASCUS and CSBS, the representative bodies of state credit union and state bank and financial services regulators, respectively…Read more
- Topic: Proposed changes to the Central Liquidity Facility (CLF) administered by the National Credit Union Administration (NCUA)
- Date: May 13, 2024
- Read the full comment letter
NASCUS Letter Regarding Excise Tax Liabilities
NASCUS wrote to the House Ways & Means Committee leadership expressing concerns regarding anticipated tax liabilities related to the 21% excise tax on excess executive compensation required under the Tax Cut and Jobs Act of 2017 (TCJA).
NASCUS notes in the letter that the tax will result in a significant hardship for credit unions that were not able to plan in advance for such costs and provided real-life examples highlighting the impact of the excise tax on credit unions.