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How To Oppose Proposed IRS Reporting Requirements

You may be aware of the debate going on in Washington regarding the Build Back Better Act infrastructure plan being considered by lawmakers. Included in the act are the various means that lawmakers are considering to fund their plans.

One such proposal being considered would require credit unions and other financial institutions to report to the Internal Revenue Service (IRS) how much money has gone into and out of many consumer accounts.

The Credit Union National Association (CUNA), the National Association of Federal Credit Unions (NAFCU) and the Michigan Credit Union League (MCUL) are united in their opposition to the provision in the bill that would require any additional IRS reporting by financial institutions.

As these organizations have noted, this unprecedented access to consumers’ personal financial data raises several red flags.

First, the proposal would violate consumers’ personal privacy by forcing credit unions and banks to provide the government with information that does not reflect taxable activity.

Second, the government relies on decades old data systems to store and secure IRS information. These systems have already been compromised in recent years, and the addition of this type of data only increases the likelihood of a future breach.

And finally, financial institutions would face unnecessary and expensive regulatory hurdles that could make it untenable to serve those consumers already left behind by Wall Street banks.

You can use the CUNA Grassroots Action Center to easily contact your US Representative and US Senators to show your opposition to this proposal and to protect your privacy

Grassroots Action Center

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