With implementation of a new IRS rule just weeks away, a group of seven financial trade groups, including Credit Union National Association (CUNA) and National Association of Federal Credit Unions (NAFCU), wrote a joint letter to the head of the IRS saying the rule could harm their members' mortgage lending activities.

In the letter, addressed to Commissioner John Koskinen, the trades said in late September 2016, the IRS notified tax professionals and tax transcript vendors that the agency would require them to use an updated Secure Access process, which includes identity-proofing, financial verification and mobile phone verification. The effective date for the changes is Oct. 24.

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