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Thanks, in part, to a strong and united message from the Credit Union System, the U.S. House removed a provision opposed by credit unions and others from a Senate Trade bill prior to voting on the trade package. The Credit Union National Association (CUNA) credits the removal to "strong engagement from state credit union leagues." Your League was part of that effort, committing support to a trade bill letter urging the House to remove this provision.
A key staffer for the House Ways and Means Committee told CUNA that the advocacy efforts from credit unions as a key reason for the removal taking place before the vote. "We have heard from credit unions and we have taken care of the problem."
The problem was a provision in a Senate-passed bill that would have required additional Form 1099 reporting on low-interest deposit accounts and other reporting on all deposit accounts.
"Adding additional reporting requirements that are unnecessary would only add to the mountain of regulatory burden impacting credit unions that has occured in recent years. This is a problem that we continue to hear from credit unions about, and additional regulatory burdens is an issue that we regularly discuss with the Maine Congressional Delegation," said your League's President John Murphy.
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