ICBA told the Treasury Department that federal credit unions should be required to file Form 990, the annual information return required of most tax-exempt organizations.
Details: In a letter to Treasury regarding its Form 990 Transparency Initiative, ICBA:
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Urged Treasury and the IRS to revisit the longstanding exemption that permits federal credit unions to avoid filing Form 990.
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Said Form 990 promotes transparency and public accountability by placing detailed financial and governance information in the hands of credit union members, policymakers, and the general public.
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Cited the importance of advancing the goals of the tax administration by furnishing the IRS with the data necessary to verify that tax-exempt status is warranted and is being honored.
More ICBA Advocacy: ICBA has repeatedly called on Congress to require federal credit unions to file 990s to provide transparency into their expenditures.