UPDATE (11/29/21): The House passed the Build Back Better Reconciliation bill. This version of the bill did not include the Administration’s original proposal to require financial institutions to turn over consumer account data to the Internal Revenue Service (IRS).
Unfortunately, the fight is not over. As the bill heads to the Senate, there are a few Senators who are debating whether to add this provision back into the legislation. Credit union advocacy kept this policy out of the House bill and now we need to make sure the Senate does the same.
Unitus is supportive of taxpayers paying their taxes but this proposal is a dramatic overreach in pursuing taxpayer compliance. The proposed thresholds for reporting transactions ($10,000) would mean that nearly every credit union member may have their data sent to the IRS.
We are concerned this proposal would violate consumers’ personal privacy by forcing Unitus to provide the government with information that does not reflect taxable activity.
Please help us get the message to our legislators. Tell Congress that by allowing the IRS to access nontaxable deposit account information they are jeopardizing consumers’ personal financial privacy.
Thank you for being a champion of the credit union movement.