Regulatory & Compliance

In a letter obtained by CU Times, the IRS responds to Sen. Hatch's request to require FCUs to file 990 forms.

NAFCU and CUNA officials say both organizations will continue to push forward on CU-related items with the bureau.

The guidance is designed to encourage banks and credit unions to establish banking relationships with medical marijuana-related businesses.

"Without question, the press release can be the single most upsetting thing to a company or individuals when they settle these matters," Venable LLP partner Allyson Baker says.

On Friday, the CFPB credits Citi for discovering the error and alerting regulators.

One official said, "While the concept for postal banking is nothing new, it's still a terrible idea."