Sens Tim Scott, R-S.C., and and Mike Crapo, R-Idaho, introduced the Prohibiting IRS Financial Surveillance Act, to block Internal Revenue Service (IRS) access to taxpayers’ private transaction information.
Credit unions and their members engaged in a vigorous grassroots effort against the 2021 proposal to direct the IRS to collect private transaction data of virtually every consumer in the U.S. As written, the legislation prohibits such requirements from being established.
CUNA strongly supports the bill. Scott and Crapo, Ranking Members of the Senate Banking, Housing, and Urban Affairs Committee and Senate Finance Committee, respectively, are joined by 29 other Senators sponsoring the legislation.
CUNA is part of a broad coalition of organizations in support of the bill.