The Foreign Account Tax Compliance Act (FATCA) places new and significant compliance costs on U.S. credit unions, especially those that engage in remittances and/or have members who are not US citizens. Congress should repeal FATCA in order to stop the law’s increasing regulatory burdens.
CUNA Letters to Congress
Letter to Senator Rand Paul expressing support for S. 887, the Repeal of Foreign Account Tax Compliance Act Bill Cheney (05.16.13)
Letter to Representative Bill Posey expressing support for H.R. 2299, regarding Non-Resident Alien Deposit Reporting Bill Cheney and Brian Branch (07.10.13)
Other Related Materials
Letter from Representative Bill Posey to Treasury Secretary Lew expressing concern with the government’s pursuit of intergovernmental agreements as a means of enforcing the law (07.01.13)