The House passed the Build Back Better Act Friday without the expanded Internal Revenue Service (IRS) reporting requirements present in early forms of the bill. Credit unions sent more than 800,000 messages in opposition to the requirements, which were left out of the final release of the House bill.
“It’s because of bold, fierce 360-degree advocacy from CUNA, Leagues, credit unions, and members that this bill does not contain the increased reporting requirements present in early forms of the bill,” said CUNA President/CEO Jim Nussle. “As it heads to the Senate, we continue to encourage lawmakers to refrain from including this harmful provision in their final plan.”
CUNA issued an action alert in September calling on credit unions to comment on the proposal. It also joined with the American Association of Credit Union Leagues and all 35 Leagues in communicating concerns.
Hundreds of members of Congress wrote to Treasury leaders with their opposition to the increased reporting as a result of this CUNA-League engagement, and six credit union champions introduced bills to prevent the proposal’s implementation.