As Congress considers critical new infrastructure spending, policymakers are eyeing unconventional sources of revenue to fund their plans.
One proposal under consideration 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 accounts holding more than $600.
This unprecedented access to consumers’ personal financial data raises several alarms for credit unions and their members:
Last week, the Minnesota Credit Union Network issued a GREAT alert: Tell Congress to Oppose New IRS Reporting Provisions. If you haven't already done so, please take a minute and to contact your Representatives and Senators and tell them not to jeopardize consumers’ personal financial privacy by allowing the IRS to access nontaxable deposit account information from credit unions and banks.
The House Ways and Means Committee will be considering this proposal in the next two weeks. MnCUN worked with Congressman Emmer’s office on a sign-on letter in opposition to financial institutions reporting to the IRS.
Additionally, CUNA issued an action alert and the Member Activation Program has templates and resources MAP credit unions can use to activate members to contact Congress.
The Pulse is MnCUN's newsletter that keeps credit union professionals and board members updated on current news and information.