IRS Treasury Fact Sheet

Mark Campanale Government Relations, Government Relations Updates

What is the latest DC discussion on the Administration/Treasury/IRS modified proposal to receive information on your bank transactions?  Treasury Department 10/19/2021 press release refers to “financial institutions and banks” only having to add two additional numbers to what they already report. (see link)  Revisions include raising the reporting threshold from $600 to $10,000 and exempting certain wages and federal benefits.  Republicans on Ways & Means oppose surveillance (see link)  NPA …

New Director of the CFPB

Mark Campanale Government Relations, Government Relations Updates

After months of hearings, discussions, etc. Rohit Chopra was sworn in as Director of the CFPB on October 12, 2021. His opening statement outlines his commitment for the CFPB to watch out for families, workers, and communities.    Last week I monitored a well-known DC firm’s webinar on ‘What to Expect Next’ from the new CFPB Director. Here are some of their thoughts…  Rulemaking through Enforcement,  Regulation …

Reporting Customer Information

Mark Campanale Government Relations Updates, NPA News

Will the proposed $600 reporting of customers’ accounts affect the requirements on pawnbrokers? The discussions, speculation and questions about this proposal are all over the place. Team GRC is closely watching the negotiations in Congress and find…  The proposal would create a comprehensive financial account information reporting regime.  The requirement would apply to both business and personal accounts.   The proposal would be effective …

Protecting Financial Privacy Act

Mark Campanale Government Relations, Government Relations Updates

The Biden Administration’s proposal for the IRS to monitor every American’s financial transaction of $600 or more will see another challenge in the form of the Protecting Financial Privacy Act. On Monday the bill sponsor, Senator Tommy Tuberville (R-AL) stated that currently, “the IRS can find out every $10,000 you spend, but now they want to move it all the way down to $600. …

Texas Office of Consumer Credit Commissioner Report

Mark Campanale Government Relations Updates

Thanks to our fellow pawnbrokers in Texas for sharing a report from their regulator, the Office of Consumer Credit Commissioner, that reflects pawn industry statistics from 2008 through 2019. Although pawnbrokers are licensed, regulated, examined, etc. in most all states, just a very few of them publish the statistical information we are required to provide.     You can download the report here.

NPA Wins Injunction Against 36% Rate Cap

Mark Campanale Government Relations, Government Relations Updates, Members Only

NPA, IPA and Other Plaintiffs Won a Preliminary Injunction against the Illinois Department of Financial and Professional Regulation’s Attempt to Apply a 36% Rate Cap on Illinois Pawnbrokers!   September 7, 2021As many of you know, the NPA joined the Illinois Pawnbrokers Association, Cash America, Inc. of Illinois, and EZPawn Illinois, Inc. as named plaintiffs in seeking a preliminary injunction against the Illinois Department of Financial and Professional Regulation’s attempts to add pawn …

Protecting Americans from Debt Traps

Mark Campanale Government Relations, Government Relations Updates, Members Only

The Senate Banking, Housing and Urban Affairs Committee held a hearing on July 29, “Protecting Americans from Debt Traps by Extending the Military’s 36% Interest Rate Cap to Everyone”.    This hearing immediately followed the filing of another Senate rate cap bill on July 28th to extend the provisions of the Military Lending Act to all consumers. This bill is S. 2508 and the official text is not …

July 2021 is “Military Consumer Month” at the CFPB

Mark Campanale Government Relations Updates

It’s Time to Review Your Military Lending Act (“MLA”) and Service Members’ Civil Relief Act (“SCRA”) Compliance Programs July 22, 2021: So, right now – in July — is a good time to review your MLA and SCRA compliance programs. The DoD’s amended MLA regulation became effective for pawn transactions on October 3, 2016. The SCRA has been in place …

Let’s Talk About Rate Caps at Pawn Expo

Mark Campanale Government Relations Updates

NPA’s Team GRC is preparing to bring you all the news from The Hill and elsewhere at Pawn Expo. Foremost in pawnbrokers’ minds is the subject of a federal cap of 36% APR on consumer lending, and the controversy surrounding the Illinois Predatory Lending Act that was passed back in January. The need for answers and clarity of whether the pawn industry …

New, Non-Mandatory Federal Tax Credit to Offset Costs for Small Businesses Who Provide Paid Sick Leave for Employees to Get Vaccinated or Recover from Vaccinations

Mark Campanale Government Relations Updates, Members Only

April 23, 2021On April 21, 2021, President Biden announced a new federal tax credit for employers who offer full pay to employees that take time from work to get the COVID-19 vaccine and recover from the after-effects, get tested for COVID-19, and to care for a child whose school or childcare provider is closed. Like other tax credits, there is no requirement …

SAFE BANKING ACT

Mark Campanale Government Relations, Government Relations Updates, Members Only

Monday evening, April 19th the House passed H.R. 1996—the Secure and Fair Enforcement Banking Act of 2021 (SAFE Banking Act) with bi-partisan support. While the primary focus of this bill is to allow banks to provide services to legitimate cannabis-related businesses an additional provision is included that could benefit other industries.  For years the pawn industry has experienced bank discontinuance of accounts and …

PAYCHECK PROTECTION PROGRAM DEADLINE EXTENSION

Mark Campanale Government Relations Updates, Members Only

On Wednesday, March 10 the U. S. House of Representatives Small Business Committee indicated during a hearing they are open to extending the Paycheck Protection Program’s lending authority past the current March 31, 2021 expiration date.   Chairwoman Rep. Nydia Velazquez-NY stated, “it’s clear small businesses still need help, but lingering issues in the program have created a need for Congress to consider a short-term extension.”  …

IRS reminds businesses to report large cash transactions; e-file encouraged

Mark Campanale Government Relations Updates, Members Only

WASHINGTON — The Internal Revenue Service today reminds businesses of their responsibility to file Form 8300, Report of Cash Payments Over $10,000, and encourages e-filing to help them file accurate, complete forms.   Although many cash transactions are legitimate, information reported on Form 8300 can help stop those who evade taxes, profit from drug trading, engage in terrorist financing and conduct other criminal activities. The government can often trace money from these illegal activities through payments reported …

Understanding how to report large cash transactions

Mark Campanale Government Relations Updates, Members Only

Although many cash transcations are legitimate, the government can often trace illegal activities through payments reported on complete, accurate Forms 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business. Here are facts on who must file the form, what they must report and how to report it.   Who must file  Generally, any person in a trade or business who receives …