WASHINGTON–CUNA told the Committee on Ways and Means that it is greatly concerned with the mortgage reporting offset included in the Highway and Transportation Funding Act of 2015.
“We appreciate the efforts that Congress has undertaken to address credit unions’ regulatory burden; however, we are deeply concerned that a provision in the Highway and Transportation Funding Act of 2015 would require credit unions to report additional mortgage information on their members to the Internal Revenue Service (IRS),” said CUNA CEO Jim Nussle in a letter to the Committee. “This new reporting requirement would add to an already staggering level of regulatory requirements while providing absolutely no benefit to the credit union members. We urge you to strip the provision from the bill.”