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Oppose New IRS Reporting Requirements
Congress is now debating a new $3.5 trillion reconciliation spending package called the "Build Back Better Act." As a part of these discussions, there are indications that Congress will consider an Administration proposal that would create a new IRS reporting provision that would require financial institutions to report detailed information concerning the amount of money flowing into and out of an account holder's accounts at the institution as part of annual 1099-INT reporting. Because this is a violation of consumers' personal financial privacy and there are significant data security risks, credit unions and their members do not support the proposed new IRS reporting requirement. It is important that you take action now to let your Senators and Representatives know that you oppose it.

 

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