GREAT Alert: Tell Congress to oppose new IRS reporting provisions

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. 
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This unprecedented access to consumers’ personal financial data raises several alarms for credit unions and their members: 

• This proposal would violate consumers’ personal privacy by forcing credit unions and banks to provide the government with information that does not reflect taxable activity.
• Financial institutions—particularly those in rural and low-income communities—would face unnecessary and expensive regulatory hurdles that could make it untenable to serve those consumers already left behind by Wall Street banks.
• 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.

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.