Conduct a review of new and existing customers to identify those that are reportable under FATCA. Business customers will be classified according to the FATCA legislation (For example, a US persons, foreign financial institutions or non-financial foreign entities.)

Report information to the IRS or local tax authority on all accounts held directly or indirectly by US persons.

In certain circumstances and where customers fail to provide the appropriate documentation or when doing business with non-compliant entities, Fruity Credit Union may be required to apply 30% US withholding tax on certain types of US income paid to such customers.