In response to advocacy by ABA and others, the Internal Revenue Service today said that it would extend an implementation deadline for new requirements for lenders using the Income Verification Express Service to verify loan applicants’ incomes. The IRS released the requirements last week, with an effective date of July 1. While ABA supports standards to strengthen the IVES authentication process and prevent fraud, the association raised concerns that the deadline would not provide lenders enough time to put new policies and procedures in place. The new requirements will now be effective July 15.
Bankers: Local lending at risk if stablecoin payment of interest loophole isn’t closed
Warning of the potential fallout for banks and the communities they serve, bank leaders from across the U.S. are urging Senate leaders to use the Clarity Act to close a loophole that allows digital asset service providers to...








