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.

Jared Weiser
Jared Weiser Director, Legislative Affairs E: jweiser@ohiocul.org
Contact Us

Other Movement News

Government Affairs

League advocates for “clean” NDAA funding bill

In a gridlocked Congress, must-pass federal spending bills open an opportunity to accomplish policy initiatives that can either promote or inhibit credit unions from serving their members. That’s why the […]
Regulatory

Ohio shows united opposition to debit interchange rule

Cards, compliance, and cybersecurity all have a cost, and that is why the League submitted a comment letter expressing serious concern and vehement opposition to the Federal Reserve’s proposal to […]
Member Benefits

Trending on Huddle: Are you a part of the discussion?

Connecting and collaborating are part of what makes the Credit Union Movement unique to financial services and continue to be a cornerstone of its collective success. The League’s online community, […]