National Association of Federal Credit Unions Vice President of Legislative Affairs Brad Thaler sent a letter to Senate Finance Committee Chairman Orrin Hatch and Ranking Member Ron Wyden in response to the House-passed “Highway and Transportation Funding Act of 2015” (H.R. 3038).

In the letter, Thaler writes, "Credit unions didn’t cause the financial crisis yet have been subject to numerous new regulations causing a decline in the number of credit unions across the country. Any new and unnecessary regulation compounds this burden."  

He expresses concern about "the provision in H.R. 3038 that would create new requirements on financial institutions for mortgage reporting to the Internal Revenue Service.”

Thaler says this provision could prove to be particularly burdensome on smaller community financial institutions such as credit unions, many of which service their own loans.  

“As you know from previous correspondence, credit unions face a nearly insurmountable level of regulatory burden today. Credit unions didn’t cause the financial crisis yet have been subject to numerous new regulations causing a decline in the number of credit unions across the country. Any new and unnecessary regulation compounds this burden,” he writes. “This provision could prove to be particularly burdensome on smaller community financial institutions such as credit unions, many of which service their own loans. NAFCU remains hopeful that Congress will reconsider this provision moving forward.”