FOR IMMEDIATE RELEASE
October 19, 2021
Ryan Donovan, Credit Union National Association (CUNA) Executive Vice President and Chief Advocacy Officer, issued the following statement regarding the policy proposal to require credit unions and other financial institutions to turn over consumer account information to the Internal Revenue Service (IRS).
“Every time this proposal changes, it gets worse. For the country’s minimum wage workforce, there is no fundamental difference between a $600 reporting threshold and a $10,000 reporting threshold.
“Now proponents expect credit unions and banks to play arbiter, declaring what does and doesn’t meet proposed exceptions like wages and down payments. They’ve just taken something very invasive and made it incredibly more so while turning an average compliance bad dream into a waking nightmare.
“The revised proposal is a huge leap in the wrong direction.”
Donovan is available to speak on credit unions’ concerns with this policy.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 120 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth, and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.