CUNA responds to Hatch question about IRS Form 990s for FCUs

CUNA wrote to Senate Finance Committee Chairman Orrin Hatch (R-Utah) Tuesday in response to Hatch’s letter sent to the Internal Revenue Service (IRS) asking it to consider whether the “largest federal credit unions” should be required to file annual IRS Form 990s. Federal credit unions are not required by the IRS to file Form 990s.

“The asset size of a credit union and the products and services offered should not be factors in regulating one credit union more than another,” the letter reads. “Some of the largest credit unions in the world serve primarily veterans, members of the U.S. military, and their families. Credit union products and services have evolved over time as the nature of the financial marketplace has evolved.”

The letter additionally notes that federal credit unions are regulated and examined by federal agencies, including NCUA and the Consumer Financial Protection Bureau (CFPB) for credit unions with assets of more than $10 billion.

 

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