CUNA, NAFCU and the Independent Community Bankers of America have written a joint letter to two key Senators requesting they strip a provision from a transportation bill, which could require additional mortgage reporting to the IRS.
In the July 16, 2015 letter to Sen. James Inhofe (R-Okla.) and Sen. Barbara Boxer (D-Calif.), the three trade groups emphasized their opposition to a provision in a transportation bill that would mandate financial institutions report to the IRS the date of origination of each mortgage, the outstanding principal of each loan and the property's address.
Inhofe and Boxer are the Chairman and Ranking Member of the Senate Environment and Public Works Committee, which must take up the Highway and Transportation Funding Act of 2015 Part II. The act passed the House of Representatives on July 15.
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