Newsroom

Back to the Newsroom
March 03, 2011

House clears 1099 relief measure

March 4, 2011 – The House voted 314-112 Thursday to pass H.R. 4, a NAFCU-supported bill that would repeal a pending expansion of 1099 reporting beginning Jan. 1.

Dan Berger, NAFCU's executive vice president of government affairs, wrote House Speaker John Boehner, R-Ohio, and Minority Leader Nancy Pelosi, D-Calif., the day before the vote to urge action.

"Credit unions and other small businesses are the backbone of America's economy and should not be hampered by onerous new regulations that will require significant amounts of time and resources to comply with," he wrote. "NAFCU supports the passage of H.R. 4 to repeal this needless tax compliance burden."

The reporting provision, included in last year's health-care reform law, will require all small businesses, including credit unions, to send a 1099 form to vendors from whom they purchase at least $600 in goods and services; a copy will have to be sent to the IRS as well.

The proposal to repeal this reporting expansion has the support of the White House and bipartisan support in the House and Senate. House Ways and Means Committee Dave Camp, R-Mich., on Thursday urged the Senate to swiftly take up and clear the measure.

Related Resources

The Fair Credit Reporting Act and Credit Score Exception

Consumer Lending

Blog Post
Add to Calendar 2023-12-05 14:00:00 2023-12-05 14:00:00 Grounded perspectives on Generative Artificial Intelligence (AI) and Credit Unions About the Webinar With Generative AI being a key topic in the Credit Union industry, this webinar will focus on exploring the real challenges with AI and how Credit Unions can leverage it for key use cases to bring value to their members.  Please join our moderator George Estrada, AWS’ Executive Strategic Advisor for Credit unions and our panelists, Susan Mitchell, Kevin Martin and Chad Ritchie to discuss Generative AI and how it fits within the Credit Union movement. Register Here Web NAFCU digital@nafcu.org America/New_York public

Grounded perspectives on Generative Artificial Intelligence (AI) and Credit Unions

preferred partner
Amazon Web Services
Webinar

Understanding HAP and Recup: Bridging Coverage Gaps

Education

preferred partner
Franklin Madison
Blog Post
Add to Calendar 2023-11-30 09:00:00 2023-11-30 09:00:00 Safeguarding Credit Unions with Threat Intelligence Listen On: Key Takeaways: [1:01] What is threat intelligence, and why is it important to CUs? [2:14] What are threat intelligence feeds, and what role do they play in strengthening CUs? [4:41] Leveraging threat feeds and integrating intelligence into tools is crucial. [6:35] Learn what threat CUs should be most concerned about. [7:39] Phishing is ever-evolving, and user awareness is critical. [10:43] Learn how Defense Storm uses feeds to protect its customers. [13:28] Threat intelligence is not as complicated as some think; initiation can be easy through Slack, discussions, and a reporting culture. Web NAFCU digital@nafcu.org America/New_York public

Safeguarding Credit Unions with Threat Intelligence

Cybersecurity

preferred partner
DefenseStorm
Podcast