The National Taxpayers Union encouraged key congressional committees to consider whether credit unions should continue to be exempt from filing Form 990 returns, which most tax-exempt organizations are required to file annually.
New Letter: In a letter to the Senate Finance and House Ways and Means committees, the NTU noted that federally chartered credit unions have not been required to file the Form 990 since 1988. It cited a 2018 letter from the Senate panel’s former chairman—Orrin Hatch of Utah—that questioned whether the exemption was warranted given credit union growth in size and complexity.
Ongoing Concern: The NTU last year encouraged the committees to consider reforms to credit union policy and demand increased transparency as some credit unions have begun to resemble taxpaying financial institutions.
ICBA Campaigns: ICBA recently released a new video urging Americans to advocate congressional hearings on how credit unions are taxed and regulated. Shorter versions of the video will be used for a social media marketing campaign, which follows an ICBA print and digital ad campaign on credit unions last fall.
Grassroots: Community bankers can continue urging Congress to hold hearings on the credit union tax exemption via a customizable message to lawmakers on ICBA’s Wake Up page and its Wake Up Messaging Playbook.