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
  • Jobs
  • Contact

News

Home » Security concerns, increased costs come with increased IRS reporting
Policy & Issues

Security concerns, increased costs come with increased IRS reporting

September 28, 2021
Cap2

Privacy and data security concerns are among the top issues with proposed increased reporting requirements, CUNA wrote to Sens. Tommy Tuberville (R-Ala.) and John Thune (R-S.D.) Tuesday in support of their bill that would prevent a proposal requiring financial institutions to report large amounts of account information to the Internal Revenue Service (IRS) from being implemented.

“We are also concerned about the effect this proposed new requirement will have on credit unions. Privacy and data security are paramount issues for credit unions and their members,” the letter reads. “Whether it is the massive data breach at the federal Office of Personnel Management in 2014 or this year’s IRS leak of federal tax returns of many wealthy Americans, we remain doubtful that such data will remain safe and private from hackers and other malevolent individuals."

CUNA adds that smaller credit unions would be especially burdened by this new proposal.

“From the increased costs of software upgrades to staff training, smaller institutions would perhaps need financial resources and additional time for implementation to meet the new requirements of the proposal,” the letter reads.

CUNA issued an action alert calling on credit unions to send their concerns to Capitol Hill using its Grassroots Action Center. As of this week, more than 275,000 messages have been sent.

Credit unions can also activate their members to send messages to Capitol Hill through CUNA’s Member Activation Program (MAP) community.

Credit Union Magazine: Winter 2022

Winter 2022

Credit Union Magazine’s Winter 2022 issue highlights data-driven marketing, the board’s role in cybersecurity, elder abuse scams, credit unions’ auto lending advantage, and more.
Digital Edition •  Subscribe

Trending

  • CFPB issues CUNA-opposed proposal on credit card late fees

  • Auto lending report shows significant credit union member savings

  • 2023 Credit Union Hero of the Year voting open

Tweets by CUNA_News

Polls

Vote for the 2023 CU Hero of the Year

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
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us