The Senate Finance Committee released the tax provisions of the Build Back Better Act Saturday without expanded Internal Revenue Service (IRS) reporting requirements. CUNA, Leagues, credit unions, and members helped keep the expanded requirements out of the House-passed Build Back Better Act.
“We’re very pleased the Senate version of this legislation omits the provisions credit unions fought hard to exclude. Policymakers on both sides of the aisle heard loud and clear that this proposal would have harmed consumers and financial institutions, while setting back financial inclusion,” said CUNA President/CEO Jim Nussle. “We will remain engaged as the Senate continues negotiations and considers potential amendments to the text.”
CUNA issued an action alert in September calling on credit unions to comment on the proposal, which would have greatly expanded the information financial institutions would report to the IRS. CUNA 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.