The National Credit Union Administration may propose a new rule to require federal credit unions to provide information on executive compensation to their members, much like what state-chartered credit unions already provide through their tax forms, according to the White House Office of Management and Budget’s recently released spring regulatory agenda, which provides an overview of possible regulatory actions by federal agencies in coming months.
Aside from federal credit unions and religious organizations, tax-exempt organizations are required to disclose certain financial information through IRS Form 990. The proposal under consideration would require federal credit unions to report information about executive compensation. The American Bankers Association and State Association Alliance have strongly advocated for credit union accountability and transparency, believing that such reporting could help provide critical data on credit union activities to consumers and communities alike.
