WASHINGTON — CUNA and NAFCU are both urging lawmakers to eliminate or delay the implementation of a measure to require payment card processors to report how much stores and restaurants receive from debit and credit card transactions.
The provision is part of the housing bill currently pending in the Senate. Both trade organizations support an amendment that is being sponsored by Sen. Mike Crap (R-Idaho) to delay the measure's reporting and withholding requirements by one year.
Congressional sponsors said the measure could help close the gap between what businesses owe in taxes and what they pay.
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CUNA President and CEO Dan Mica said in a letter to the chairman and ranking member of the Senate Finance Committee that they oppose the provision altogether, passing Crapo's would at least "give credit unions much-needed additional time to comply with the proposed payment card reporting proposal."
NAFCU Director of Legislative Affairs Brad Thaler said in a letter to the same two senators that "the costs regularly tracking, withholding the penalties, and reporting the information would create an ongoing regulatory burden on those institutions that process card payments."
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