Removing Barriers Blog

Victory in the House on Interest Income Reporting Provision
Posted June 10,2015 by CUNA Advocacy

An important provision was removed from the Senate’s trade bill today by the House Ways and Means Committee before the House votes on the bill, which is expected sometime next week. The provision would have required credit unions to fill out additional 1099 forms to report on low-interest deposit accounts and other reporting on all deposit accounts. CUNA submitted a letter to leadership on the matter just last week expressing concern. We consider this a major victory for credit unions in preventing additional regulatory burden. CUNA CEO Jim Nussle said “sometimes the most important victories come from the battles you prevent from even being waged in the first place.” We will keep you apprised of any further developments on this issue should they arise next week.