WASHINGTON--The Internal Revenue Service’s proposed rule on auto loan interest deduction and reporting provisions make up the latest addition to America’s Credit Unions FAQs designed to help credit unions implement H.R. 1.
The new proposal was published last week following America’s Credit Unions and league advocacy efforts.
H.R. 1 implementation resources crafted by America’s Credit Unions Compliance Team are available on the member-only Compliance Library. Also available is a recorded webinar answering questions on the vehicle loan interest and remittance portions of the legislation.
Credit union compliance professionals can send questions directly to compliance@americascreditunions.org at any time, and a team member will respond within 24 to 48 business hours, ACU said.