President Biden’s Build Back Better plan is in jeopardy with Senator Joe Manchin (D-WV) announcing he was a "No" vote, preventing the Senate Democratic majority enough votes to pass the bill through the budget reconciliation process.
Aside from the politics and general policy ramifications, it should be noted that the IRS reporting requirement provision has been left out of the most recent versions of the BBB.
“While the IRS reporting provision is currently being omitted from ongoing conversations, credit unions can’t let their guard down on this issue,” MnCUN Chief Advocacy and Engagement Officer Mara Humphrey said. “MnCUN will continue our opposition to this misguided idea.”
The Pulse is MnCUN's newsletter that keeps credit union professionals and board members updated on current news and information.