California Credit Union League

Tell Congress to Oppose New IRS Reporting Provisions
The United States Congress is considering a measure that would impact every financial institution and taxpayer in the nation. As a piece of a large domestic spending bill, Congress is looking to have financial institution(s), including credit unions, report all transactional information about your spending habits to the Internal Revenue Service (IRS). While their intention is to go after those that cheat our tax system, unfortunately this would give the IRS new access to all of your account information plus creating an unnecessary burden on your credit union.

Under this proposal credit unions, banks and other financial service providers would be required to annually report the total of funds flowing through your accounts including all deposits, payments, purchases and transfers to other accounts outside of your primary account.

Action needed: Please connect for the cause today and send a pre-written letter to your Representative and Senators. This letter will let your elected officials know that this provision as written today is NOT acceptable. Once you send your letter, please consider forwarding this action alert to a friend or colleague. Congress will only change their minds if enough credit union voices are heard!

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