Rep. Tom Emmer (R-Minn.) sent a letter to Congressional, Treasury, and Internal Revenue Service (IRS) leaders Monday expressing concerns over a proposal that would require increased reporting to the IRS from financial institutions. The letter was signed by 142 members of Congress, which comes after weeks of CUNA-League engagement to build support for the letter.
CUNA issued an action alert calling on credit unions to share concerns with the proposal, which CUNA and the Leagues believe would create significant new burdens for credit unions. The proposal has been discussed as part of ongoing negotiations for the infrastructure package.
Emmer’s letter shares CUNA’s concerns, both about the time and resources needed by financial institutions to collect the additional information and the privacy and security concerns with the IRS collecting additional data, as it already experiences 1.4 billion cyberattacks per year.
The proposed measure was not included in draft text introduced in the House Ways and Means Committee on Monday, but the language could still be inserted during the process. CUNA wrote to the committee Monday detailing its concerns.
Credit unions and stakeholders can still use CUNA’s Grassroots Action Center to share their concerns on the proposal. As of Monday morning, more than 73,000 messages have been sent to Capitol Hill.