NewsWatch Today

The IRS issued guidance for employers claiming the Employee Retention Credit for the first and second quarters of 2021.

Following the announcement of the largest-ever credit union purchase of a community bank, ICBA renewed its call for policymakers to investigate credit union acquisitions of community banks.

The Consumer Financial Protection Bureau “warned” mortgage servicers to take all necessary steps to prevent a wave of foreclosures this fall.

Sen. Chris Van Hollen (D-Md.) and several other Democratic senators this week introduced legislation that would require estates to pay capital gains tax before assets are distributed to heirs, with an exemption for the first $1 million of capital gains.

The Financial Crimes Enforcement Network is seeking public comment by May 5 on implementing new beneficial ownership information requirements.

Regulators released 2020 Home Mortgage Disclosure Act Loan Application Register data for approximately 4,400 HMDA filers. Annual loan-level LAR data for each HMDA filer are made available online by March 31.

The Consumer Financial Protection Bureau rescinded seven policy statements issued last year that provided temporary flexibilities to financial institutions on mortgage lending, credit reporting, credit cards, and prepaid cards.

The Federal Reserve Board adopted a final rule outlining and confirming the use of supervisory guidance for regulated institutions.

The Federal Financial Institutions Examination Council issued the 2021 edition of “A Guide to HMDA Reporting: Getting It Right!” for HMDA-related data collected in 2021 and reported in 2022.

President Joe Biden signed into law ICBA-advocated legislation to extend the Paycheck Protection Program ahead of its scheduled expiration. Previously, any PPP application not approved by March 31 could not receive PPP funds.

The IRS said it expects to begin issuing additional Economic Impact Payments this weekend to federal beneficiaries who do not normally file a tax return.

Reps. Bill Foster (D-Ill.) and French Hill (R-Ark.) recently introduced legislation directing the Federal Reserve to work with other agencies to study and issue a report on central bank digital currencies.