No FATCA expansion: CUNA, World Council tell Congress

CUNA and the World Council of Credit Unions wrote to congressional leadership Tuesday opposing any increase in Foreign Account Tax Compliance Act (FATCA) reporting requirements on U.S.-based credit unions and banks. FATCA is designed to target non-compliance by U.S. taxpayers with foreign accounts.

“We urge you to oppose further domestic expansion of FATCA because it would increase regulatory burdens on American credit unions and banks without resulting in a single dollar of new tax revenue to the Treasury,” the letter reads, signed by CUNA President/CEO Jim Nussle and World Council President/CEO Brian Branch.

Treasury Secretary Jacob Lew has asked for new legislation to expand domestic application of FATCA, which would require U.S.-based credit unions and banks to report non-resident aliens’ account balances to the Internal Revenue Service (IRS), even when the accounts do not earn interest or dividends.

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