Treasury

As part of the American Families Plan, President Joe Biden has proposed a change to the framework of Form 1099-INT reports, requiring additional information to be included for certain businesses and personal accounts over a de minimis gross threshold.

The change is part of a plan to bolster the Internal Revenue Service, close the tax gap, and increase taxpayer voluntary compliance with tax payments.

To learn how industry groups are reacting, read on.

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The Federal Housing Finance Agency and the U.S. Department of the Treasury have suspended four provisions of the preferred stock purchase agreements (PSPA) with Fannie Mae and Freddie Mac (the Enterprises).

In addition to suspending portions of the PSPAs, the agency also has issued a notice of proposed rulemaking related to amending the Enterprise regulatory capital framework rule.

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The Federal Housing Finance Agency, as well as the U.S. Departments of Agriculture, Housing and Urban Development, and Veterans Affairs, released a joint statement on their actions to prevent evictions as the Centers for Disease Control and Prevention’s eviction moratorium expired July 31, 2021.

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Several agencies announced they have extended the comment period for the request for information issued on financial institutions’ use of artificial intelligence.

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The U.S. Department of the Treasury named an acting comptroller of the currency, replacing Blake Paulson.

Read on to learn who will be filling the role.

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The Credit Union National Association sent a letter to U.S. Department of the Treasury Secretary Janet Yellen regarding concerns it had about the conflict between the Consumer Financial Protection Bureau’s proposal to delay the implementation date for the qualified mortgage rule and the Preferred Stock Purchase Agreement amendments recently agreed upon by the Treasury and the Federal Housing Finance Association.

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In a joint letter, the Independent Community Bankers of America, the National Association of Federally-Insured Credit Unions, and other trade groups urged the Treasury and the Federal Housing Finance Agency to delay product and program constraints that were included in recent amendments to the Preferred Stock Purchase Agreements for Fannie Mae and Freddie Mac.

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Fannie Mae issued a letter notifying its lenders that the Treasury and the Federal Housing Finance Agency have imposed additional criteria through amendments made to the Preferred Stock Purchase Agreement (PSPA) to loans acquired by the Enterprise.

“The PSPA requires that we acquire loans that meet the revised General Qualified Mortgage (QM) loan definition in the [Consumer Financial Protection Bureau’s] rule that became effective March 1, 2021,” the letter stated.

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The Federal Housing Finance Agency and the U.S. Department of the Treasury announced amendments to the preferred stock purchase agreements that will allow Fannie Mae and Freddie Mac to continue to retain earnings until they satisfy the 2020 capital rule requirements.

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In a management alert issued to the U.S. Small Business Administration, the Office of Inspector General (OIG) reported improper payments to lenders for potentially ineligible recipients under the Paycheck Protection Program (PPP).

“Our review of [the] Treasury’s analysis showed approximately $3.6 billion in PPP loans to potentially ineligible recipients,” the OIG said.

For more details from the alert, read on.

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