NAFCU to IRS, Hatch: Don’t grow CUs’ compliance burden
NAFCU, in a letter to and conversation with the IRS yesterday and in a personal visit to the office of Sen. Orrin Hatch, R-Utah, argued that requiring credit unions to file additional tax forms would “impose increased regulatory burden on the credit union system” and also “contravene directives from President Trump and the U.S. Department of the Treasury to achieve regulatory reform and rollback throughout the financial system.”
NAFCU President and CEO Dan Berger’s letter to IRS Acting Commissioner David Kautter was in response to a letter sent by Senate Finance Committee Chair Hatch suggesting that the largest credit unions should file Form 990 information returns to the tax agency. NAFCU discussed with Hatch’s office why credit unions should not have additional compliance burdens placed on them.
“Although NAFCU and our members support transparency, requiring credit unions to file additional paperwork is unlikely to increase transparency in a material manner and would only serve to increase the already staggering regulatory burden imposed on credit unions,” Berger wrote. “Furthermore, all credit unions, regardless of size, continue to fulfill their core mission to provide their members with high-quality, affordable, and accessible financial products and services.”
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