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 […]

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.

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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