Expanded IRS reporting language not included in House committee markup

September 15, 2021

Credit union staff and members have sent more than 155,000 messages in opposition to expanding Internal Revenue Service reporting requirements. The House Ways and Means Committee concluded its markup of the budget reconciliation bill Wednesday, advancing the legislation without CUNA and League-opposed language calling for increased reporting requirements.

CUNA continues to call on credit union advocates to use its Grassroots Action Center to send a message outlining concerns with the proposal, which has been discussed as part of the Build Better Act. Credit unions can also activate their members to send messages to Capitol Hill through CUNA’s Member Activation Program (MAP) community.

“It’s a positive sign the House Ways and Means Committee has not inserted a provision calling for additional reporting for financial institutions, which we believe gives rise to major privacy and security concerns,” said Ryan Donovan, CUNA chief advocacy officer. “We must remain engaged and guard against the insertion of these new reporting requirements as this bill moves through the Rules Committee and on to the House floor.”

The Senate could either pass their own budget reconciliation bill or wait to take up the House-passed bill.