As part of the Biden administration’s plans to help pay for the Build Back Better agenda, a proposal under consideration would require credit unions and other financial institutions to report gross inflows and outflows of more than $600. The idea is an attempt to identify tax evasion and bring more money into the treasury.
The move was met with fierce opposition from credit unions and their members across the country and CUNA and credit union trade leagues across the country have mobilized to thwart the proposal’s implementation. To that end, MnCUN activated a GrassRoots Education and Action Team (GREAT) alert in September to organize Minnesota responses to our members of Congress in opposition to the proposal.
That alert has resonated in a way that few issues in the credit union industry have with more than 10,000 messages have been sent to our US Senators and Representatives. Members of Congress and their staff have shared how impactful these messages have been and currently the proposal is not in any of the enacting bill language.
While the language that would implement the proposal is not in the House or Senate versions, but there is still a possibility that it will be included in the final draft.
Credit union staff and members are encouraged to respond to our GREAT alert and help ensure that this idea does not re-emerge. Please direct people to the GREAT alert, and ask them to send a message to their legislators. CUNA also has created a Member Activation Program, to help engage your members through content on your website. Visit CUNA's website for more infomraiton on the Member Activation Program.
This issue demonstrates the need to for a strong and active base of credit union advocates. October is GREAT month and MnCUN has an updated toolkit to recruit more credit union members and staff to join GREAT.
You can find more information on the page for the Member Activation Program here or reach out to Ryan Smith at email@example.com if you’re interested.
The Pulse is MnCUN's newsletter that keeps credit union professionals and board members updated on current news and information.