3 thoughts on “FATCA and Credit Unions”

1. There is an ongoing thread at Maple Sandbox concerning which Canadian credit unions have applied for Exemption #2. One is Alterna Savings in Ontario; another is Vancity. See the link below for more details and updates.
   http://maplesandbox.ca/2014/are-other-canadian-credit-unions-being-as-responsible-about-fatca-as-vancity/

2. @Joe Smith
   Thanks for this. It clearly defines the credit union exceptions to FATCA. I will post a link to the BDO article on the Maple Sandbox thread referred to by Schubert. Many are looking for clarification about the credit unions as the banks will surely be handing us over to the IRS.

3. US_Foreign_Person says

   Someone should move @LakeSuperiorGuy comment into the banking experience section about the credit union. This is important info to know…

   Thus, here is a cross-post of that comment here:

   I hate to make this worse, but be careful when putting your trust in credit unions as well. I called the CEO of mine and she said they were fully compliant with FATCA rules despite being eligible for the local exclusion! She also said that accounts over 10k were reportable…not the 50k that I thought the maximum was. I told her I was a shareholding member for 25 years. The gist of her answer was “it sucks to be you.” Good thing my call was anonymous from the last payphone on the planet!