Association, CUNA urge action on proposed IRS reporting provision

The New York Credit Union Association’s advocacy team is urging credit union advocates to join in a coordinated push to oppose a proposed provision that would mandate financial institutions report certain accountholder data to the Internal Revenue Service.

Most notably, the proposal would require credit unions and other financial institutions to report to the IRS how much money has gone into and out of accounts holding more than $600 – a move that would impose an extraordinary and needless burden on credit unions.

The Association is proactively engaging members of Congress on the matter, including Senate Majority Leader Chuck Schumer and members of the House Ways & Means Committee.

Credit union advocates are encouraged to make their voices heard on the matter by visiting CUNA’s Grassroots Action Center and submitting a letter in opposition to their members of Congress. Within the Action Center is additional information, as well as a pre-drafted email, which can be edited or modified.

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