{"id":3666,"date":"2021-09-15T10:21:06","date_gmt":"2021-09-15T15:21:06","guid":{"rendered":"https:\/\/www.ncultheaffiliate.com\/?p=3666"},"modified":"2021-09-15T14:53:38","modified_gmt":"2021-09-15T19:53:38","slug":"ne-congressmen-join-the-leagues-opposition-to-irs-provision","status":"publish","type":"post","link":"https:\/\/www.ncultheaffiliate.com\/?p=3666","title":{"rendered":"NE Congressmen Join the League\u2019s Opposition to IRS Provision"},"content":{"rendered":"[et_pb_section fb_built=”1″ _builder_version=”4.9.4″ _module_preset=”default” custom_padding=”1px|||||”][et_pb_row _builder_version=”4.9.4″ _module_preset=”default” custom_padding=”0px|||||”][et_pb_column type=”4_4″ _builder_version=”4.9.4″ _module_preset=”default”][et_pb_text _builder_version=”4.9.4″ _module_preset=”default” hover_enabled=”0″ sticky_enabled=”0″]<\/p>\n
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The Nebraska Credit Union League (League) and credit union advocates met with Congressman Adrian Smith on September 1st in Grand Island, Nebraska to discuss several important issues of concern to credit unions and their members. The League was joined by credit union advocates from Archer Cooperative CU, University of Nebraska FCU, and Centris FCU. The pressing issue that the advocates stressed with Congressman Smith was their opposition to a provision being considered in the $3.5 trillion infrastructure reconciliation bill pushed by the Biden Administration that would require credit unions to file what is being called an enhanced IRS 1099-INT form on member accounts. The provision is being touted by its supporters as a \u201cpay for\u201d for the $3.5 trillion bill. Financial institutions would be required to annually report the gross inflows and outflows of both personal and business accounts which hold $600 or more at the financial institution. \u201cThis provision is not only overtly burdensome to credit unions, but it is without merit,\u201d said Brandon Luetkenhaus, Chief Advocacy Officer of the League. \u201cWe have deep concerns with the cost that credit unions would bear, the wasted time that would be spent on this, and the invasion of personal privacy that this proposal would bring,\u201d said Luetkenhaus.<\/p>\n
Congressman Tom Emmer of Minnesota penned a letter to House Leadership, the Treasury Department, and the IRS opposing the provision. Following the meeting with Congressman Smith in Grand Island, Congressman Smith signed on to the Emmer letter in opposition to the IRS provision. The League has been in constant contact with Congressman Bacon and Congressman Fortenberry\u2019s office, and both have joined Congressman Smith and others to be signers to the Emmer letter. \u201cWe are extremely grateful to Congressman Smith, Congressman Bacon, and Congressman Fortenberry for their strong support of Nebraska\u2019s credit unions and their members\u201d said Scott Sullivan, President\/CEO of the League.<\/p>\n
CUNA has issued a MAP communication that credit unions can utilize to educate their members on the issue and an Action Alert to garner opposition to the provision. If you would like to become a MAP credit union or learn more about MAP, click HERE<\/a>.<\/p>\n[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n ","protected":false},"excerpt":{"rendered":"
[et_pb_section fb_built=”1″ _builder_version=”4.9.4″ _module_preset=”default” custom_padding=”1px|||||”][et_pb_row _builder_version=”4.9.4″ _module_preset=”default” custom_padding=”0px|||||”][et_pb_column type=”4_4″ _builder_version=”4.9.4″ _module_preset=”default”][et_pb_text _builder_version=”4.9.4″ _module_preset=”default” hover_enabled=”0″ sticky_enabled=”0″] The Nebraska Credit Union League (League) and credit union advocates met with Congressman Adrian Smith on September 1st in Grand Island, Nebraska to discuss several important issues of concern to credit unions and their members. The League was joined by […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=\/wp\/v2\/posts\/3666"}],"collection":[{"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3666"}],"version-history":[{"count":0,"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=\/wp\/v2\/posts\/3666\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3666"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3666"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3666"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}