Foreign Account Tax Compliance Act

Impact

The Foreign Account Tax Compliance Act (FATCA) places significant compliance costs on U.S. credit unions, especially credit unions that engage in remittances and/or have members who are not US citizens. FATCA has also caused a significant number of Americans living overseas to renounce their US citizenship in order to maintain access to financial services.   

Where We Stand

Congress should repeal FATCA in order to put a stop to the law's increasing regulatory burdens on U.S. credit unions and banks, and help American expatriates maintain access to financial services.    

What We've Told Lawmakers & Regulators
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Removing Barriers Blog
CUNA and WOCCU Advocate for FATCA Repeal

CUNA Advocacy | Nov 01, 2017

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