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 » Media outlets cover CUNA opposition to expanded IRS reporting
Policy & Issues

Media outlets cover CUNA opposition to expanded IRS reporting

October 20, 2021
IRS

Major media outlets around the country have picked up on the strong CUNA, League, and credit union push against a proposal to require expanded financial institution reporting to the Internal Revenue Service (IRS). CUNA Chief Advocacy Officer Ryan Donovan said—despite reports of an increased threshold—that the proposal presents major compliance burdens and security concerns.

Reports this week have indicated a willingness to adjust the account threshold from $600, up to $10,000.

“Raising the threshold to $10,000 sounds like it’s a big increase, but it’s not. It’s fundamentally flawed at any threshold," Donovan told Reuters in response to the reported $10,000 number.

Fox Business also quoted Donovan on the change, noting that the threshold doesn’t make a difference when one looks at the total amounts coming into and out of an account over a year.

“Every time this proposal changes, it gets worse,” Donovan said. “For the country’s minimum-wage workforce, there is no fundamental difference between a $600 reporting threshold and a $10,000 reporting threshold.”

Donovan reiterated to The Hill that the proposal is flawed at any threshold and added credit unions are continuing their push back against the proposal. As of this week, credit union stakeholders have sent nearly 600,000 messages to Capitol Hill.

He also called the plan a “waking nightmare” in an interview with Fast Company.

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

  • Reps introduce bipartisan Credit Union Board Modernization Act

  • Compliance: Experts analyze NCUA’s 2023 supervisory priorities

  • CFPB must convene SBREFA panel for credit card fee rulemaking

Tweets by CUNA_News

Polls

How do you feel about the economy in 2023?

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