CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact

News

Home » Proposed IRS reporting provisions would create ‘significant new burdens’
Policy & Issues

Proposed IRS reporting provisions would create ‘significant new burdens’

September 8, 2021
MAP charts the way

Credit unions need to work together against a proposal that would require financial institutions to report money moving into and out of accounts to the Internal Revenue Service (IRS), said CUNA Chief Advocacy Officer Ryan Donovan. CUNA issued an action alert Wednesday urging credit unions to share their concerns about the proposal, which under consideration in the infrastructure package currently being debated. 

“This proposal would put credit unions and banks in the position of perpetrating an unprecedented invasion of privacy, in addition to creating a significant new compliance burden for credit unions,” Donovan said. “We encourage credit unions to reach out to your staff, members, and other stakeholders, as this directly impacts their day-to-day activities and privacy. We need to tell members of Congress to oppose this provision.”

The proposal would require depository institutions reporting nontaxable activity, including the gross amount flowing into and out of accounts to try and identify unreported taxable income.

CUNA has resources, including talking points and other tools, available on its Member Activation Program (MAP) community.

Credit Union Magazine: Summer 2022

Summer 2022

Credit Union Magazine’s Spring 2022 edition highlights inclusive lending, succession planning, fair lending and artificial intelligence, and the use of environmental, social, and governance (ESG) as a competitive differentiator.
Digital Edition •  Subscribe

Trending

  • CUNA board, CFPB Director Chopra talk credit union priorities

  • CFPB, NCUA rules on Spring 2022 Unified Agenda

  • Legislation would prevent further exploitation of ILC loophole

Tweets by CUNA_News

Polls

Do you think credit unions should offer cryptocurrency services?

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2022 Credit Union National Association | ADA Compliance Notice & Legal
Email Us