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CUNA Identifies Adverse Effect of Mortgage Reporting Provision
Thursday, July 16, 2015 6:50 AM

A provision in the Highway and Transportation Funding Act of 2015 (H.R. 3038) containing a mortgage reporting offset has led to great concern from Credit Union National Association. The provision would require credit unions to report additional mortgage information on their members to the Internal Revenue Service.

Jim Nussle, CUNA president/CEO, wrote to House Ways and Means Chair Paul Ryan (R-WI) and ranking member Sandy Levin (D-MI) Wednesday to express those concerns for the bill, which passed the House Wednesday evening. He noted that credit unions are already facing a “crisis of creeping complexity” when it comes to regulatory burden, which is hindering their primary mission of meeting their members’ financial needs.

“This new reporting requirement would add to an already staggering level of regulatory requirements while providing absolutely no benefit to the credit union members,” Nussle wrote. “We urge you to strip the provision from the bill.”