ICUL News & Events: IRS Reporting Requirement Proposal Updates

IRS Reporting Requirement Proposal Updates

FEDERAL CAPITOL BUILDING
Credit union advocates continue to share their concerns about a proposal that would increase reporting requirements for credit unions and banks to the IRS. With this proposal, credit unions would be required to report additional account activity for all accounts over $600. Check out Alliant Credit Union CEO Mike Moroney's Letter to the Editor here.

On Wednesday, several House Democrats, including Iowa's Congresswoman Axne, sent a letter to House leadership opposing the IRS reporting provision. This means all 6 Iowa members of Congress have publicly expressed their opposition to the proposal, a great win for our advocacy efforts. Thank you to everyone who reached out personally through emails or phone calls or engaged your staff and members on this issue.

Since the House Democratic letter was sent, the Biden Administration published a framework for the final reconciliation bill and the IRS proposal was not included. ICUL and PolicyWorks will continue to closely monitor the situation to ensure the final bill does not include burdensome provisions for credit unions and their members.


2021 Iowa Innovation Group Final Movement-Improving Concepts

2021 Iowa Innovation Group
After months of work studying the credit union movement, identifying areas for improvement and strategizing ways to better our system, the 2021 Iowa Innovation Group participants presented their final innovative ideas during the Iowa Credit Union Convention in September.

Take a look at their work here. Questions about an idea? Contact ICUL Member Services Consultant Jodi Allen.


ViClarity Client Becomes Risk Technology Success Story

ViClarity - Strengthen Your Risk Program
The ViClarity governance, risk and compliance (GRC) technology platform helped shape OneAZ Credit Union's risk managment practices. In ViClarity's newest case study, OneAZ shares how technology enabled them to collaborate and identify risk at an operational level.

"We were able to create an information security assessment that gathered management input on risks and controls, and importantly, calculated residual risk… ViClarity’s flexibility in making this available was critical to our credit union." - OneAZ Vice President of Risk Management Margaret Chamberlain.

Download the full case study to read more on how ViClarity GRC enhanced collaboration and innovation within OneAZ's risk assessment team. 

Through your credit union's ICUL membership, you have access to ViClarity compliance support. Dues-supported services include compliance bulletins, webinars, newsletters, questions and answers and more. Learn more here


Budgeting Notebook Orders and Small Credit Union Grants from ICUF

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The Iowa Credit Union Foundation (ICUF) is currently promoting the sale of budgeting notebooks, and is encouraging applications for the Small Credit Union Grant.

Order Budgeting Notebooks: The newest financial coaching tool in the Iowa credit union space, ICUF has created a budgeting notebook to help get members invested in their financial well-being. Learn more here. The deadline to place an order of budgeting notebooks for your credit union is tomorrow, October 29.


Apply for Small Credit Union Grants: This program allows qualifying credit unions to apply for grants to assist in new technology investments, strategic planning and consultation services, and paid ICUL events. This grant program is made possible by Veridian Credit Union. Learn more here.


Legal Tip: Small Claims - Money Judgment and Replevin

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Iowa law allows an individual or entity to file a small claims case without the need for an attorney if the amount of damages is $6,500 or less. Depending on the recovery sought, a credit union will file a small claims action for money judgment or small claims action for replevin.

A small claims action for money judgment is what it says - a civil action for a money judgment.  A small claim action for replevin is a civil action seeking the return of personal property that was wrongfully taken or detained.

Iowacourts.gov provides fill-in template petitions specific to a money judgment or replevin action for ease of filing. A link to those templates, and step-by-step instructions can be found under the "Legal Resources" tab on the ICUL website.


Questions? Contact Barker, Hodgson & Miller, P.C. attorneys Elizabeth Hodgson or Julie Buenzow.


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