FOR IMMEDIATE RELEASE
Washington, DC (April 24, 2018) – CUNA sent this letter to Senate Finance Committee Chairman Orrin Hatch (R-Utah) Tuesday in response to Hatch’s letter sent to the Internal Revenue Service (IRS) asking it to consider whether the “largest federal credit unions” should be required to file annual IRS Form 990s. Federal credit unions are not required by the IRS to file Form 990s.
“The asset size of a credit union and the products and services offered should not be factors in regulating one credit union more than another,” wrote CUNA President/CEO Jim Nussle. “Some of the largest credit unions in the world serve primarily veterans, members of the U.S. military, and their families. Credit union products and services have evolved over time as the nature of the financial marketplace has evolved.”
Hatch wrote to NCUA earlier this year asking whether credit unions are evolving beyond their original purpose. CUNA President/CEO Jim Nussle responded with a detailed letter outlining how credit unions continue to fulfill their mission as the financial services landscape evolves.
CUNA followed up with a joint letter detailing credit unions’ mission and structure, the reasons for the credit union tax status. The NCUA responded to Hatch, and Nussle issued a statement on NCUA’s response Monday.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 110 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org.