Speaker of the House Nancy Pelosi (D-Calif.) said Tuesday that language expanding financial institution reporting requirements to the Internal Revenue Service (IRS) would be included when the House takes up its final reconciliation bill. CUNA, Leagues, and credit unions strongly oppose the language, which was not present in the House Ways and Means Committee-passed bill.
“The proposal at any threshold is fundamentally flawed and unnecessarily puts consumers and their data at risk. Credit union members across the country have led the call for Congress to abandon this idea,” said Ryan Donovan, CUNA chief advocacy officer. “Their concern is shared by Americans of every walk of life. We are disappointed that Congress continues to have this on the table.”
CUNA is concerned with compliance burdens that come with the proposal—especially for smaller credit unions—as well as security concerns with increased government data collection and storage.
CUNA issued an action alert calling on credit unions to send their concerns to Capitol Hill using its Grassroots Action Center. Nearly 500,000 messages have been sent as of this week.
Credit unions can also activate their members to send messages to Capitol Hill through CUNA’s Member Activation Program (MAP) community.