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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