Many of you may have heard that Congress is currently considering critical new infrastructure spending. In order to pay for this proposal, Congress is looking at unconventional sources of revenue. One proposal under consideration would require credit unions and other financial institutions to report to the Internal Revenue Service (IRS) how much money has gone into and out of accounts holding more than $600.
In addition to representing a significant new compliance burden for you, this proposal would put credit unions and banks in the position of perpetrating an unprecedented invasion of privacy. Please go to the grassroot action center and let congress know that we don’t want this overreach and invasion of privacy to happen.