The White House's reconciliation framework does not contain the credit union-opposed provision requiring increased reporting to the Internal Revenue Service, according to reports Thursday. As of Thursday afternoon, the legislation released by Congressional leaders also does not contain the troublesome language. 

CUNA, Leagues, and credit unions strongly pushed back against the proposed provision since it was first discussed in the summer.

“We’re extremely pleased to see the White House has heard the hundreds of thousands of credit union advocates that expressed strong opposition to this anti-consumer proposal,” said CUNA President/CEO Jim Nussle. “There is still a chance it could be inserted into the legislation as it moves forward, but at the moment we’re confident that bold, fierce 360-degree advocacy from CUNA, Leagues, credit unions, and their members has kept this proposal out of the initial framework.

The proposal would have required financial institutions to submit reports of most account transactions, which CUNA said was an unprecedented overreach of the federal government and gave rise to numerous cybersecurity concerns with the government hosting the data. 

CUNA issued an action alert in September calling on credit unions to comment on the proposal, resulting in more than 785,000 messages of opposition. It also joined with the American Association of Credit Union Leagues and all 35 Leagues in communicating concerns.

Six credit union champions introduced CUNA-supported House and Senate bills to prohibit implementation of the requirements, and hundreds of members from both parties wrote calling for it to be withdrawn.