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Bills of Interest to CUs Considered This Week in Congress
Tuesday, April 17, 2018 6:50 AM

Both the House and Senate are in session this week in Washington, DC, and two hearings are scheduled that relate to credit unions.

On Wednesday, the Senate Committee on Commerce, Science, and Transportation will conduct a hearing titled “Abusive Robocalls and How We Can Stop Them” at 10 a.m. (ET).

The House Energy and Commerce subcommittee on digital commerce and consumer protection will conduct a hearing titled “Do Not Call: Combating Robocalls and Caller ID Spoofing” Thursday at 10 a.m. (ET).

The House will also consider several tax-related bills that passed the House Ways and Means Committee last week. These bipartisan bills were unanimously approved and aim to combat identity theft and repair shortcomings at the IRS.

Several bills are of interest to credit unions, including:

  • H.R. 5443, which would require electronic filing of the annual returns of tax-exempt organizations and make returns available to the public. State-chartered credit unions, CUNA, and the Leagues all file IRS Form 990s. Federal credit unions would not be impacted by this legislation;
  • Taxpayer First Act (H.R. 5444), which includes measures designed to protect taxpayers from unfair practices as well as improve IRS operations;
  • Protecting Children from Identity Theft Act (H.R. 5192), which directs the Social Security Administration to electronically verify for financial institutions whether a Social Security Number, name, and date of birth are affiliated with an applicant or potential member; and
  • The 21st Century IRS Act (H.R. 5445), which aims to provide improved transparency, accountability, and information security at the IRS.