Credit unions score important IRS reporting proposal victory
Published by: Jared Weiser
November 3, 2021 | Regulatory
What happens when nearly 5,000 credit unions send nearly 900,000 messages to Congress on behalf of 120 million members? A misguided policy requiring financial institutions to report specific account inflows and outflows to the IRS is avoided, and superior member service and trust are preserved. Without Ohio credit unions activating their staff and membership, this federal proposal could have successfully and dramatically impacted your ability to protect and serve more than three million Ohioans. Instead, the language now pivots tax enforcement directly back into the IRS with several investments in technology, people, and processes.
While this recent update signals the Administration is listening to credit unions and their members, the budget reconciliation negotiations remain ongoing. The League and CUNA will continue to diligently monitor the process for any changes or impact to credit unions before anything is finalized.
Please reach out to Legislative Affairs Director Jared Weiser with any questions on the IRS reporting proposal or how to get involved with League legislative advocacy.
Contact Jared Weiser for questions or assistance.