Hatch letter to IRS suggests new CU reporting requirements

Yesterday, Senate Finance Chairman Orrin Hatch (R-Utah) sent a letter to IRS Acting Commissioner David Kautter asking whether some federal credit unions should file a Form 990 to provide additional information to the IRS. The letter followed a response missive (here) from NCUA Chairman Mark McWatters’ to Hatch addressing the continued relevance of the credit union tax exemption.

CUNA followed up with a joint letter detailing credit unions’ mission and structure, the reasons for the credit union tax status and CUNA President/CEO Jim Nussle issued a statement on NCUA’s response Monday.

Read the article at CUNA News.