The Treasury Department's authorities and responsibilities cover a wide spread of issues. Under its authority are Bureau of Engraving and Printing, the Mint; Customs; the Bureau of Alcohol, Tobacco, and Firearms; and the Secret Service; as well as the Office of the Comptroller of the Currency; and the Office of Thrift Supervision. Treasury has been the department that implemented the PATRIOT Act regulations. Probably most important to credit unions though is Treasury's largest bureau: the Internal Revenue Service. Even though credit unions do not pay income taxes, they do fall under several of the IRS' regulations, as demonstrated by the existence of a division devoted to tax exempt and government entities. The IRS ensures that credit unions and other tax-exempt organizations fulfill their missions for which they were granted the exemption. According to the IRS, tax-exempt entities still pay over $220 billion in employment taxes and income tax withholding and controls approximately $6.7 trillion in assets. Also under Treasury is FinCEN-the Financial Crimes Enforcement Network-which aims to bring appropriate people and information together to fight money laundering on the home front and abroad. FinCEN supports law enforcement's efforts and fosters cooperation among agencies.
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From the July-23, 2003 issue of Credit Union Times Magazine • Subscribe!
Treasury Department
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