IRS proposal outreach made a difference— keep pressure on!

Published 10.29.21

HCUA’s Hike the Hill this week put Kansas and Missouri credit union leaders in our congressional offices on Capitol Hill as federal lawmakers worked to remove the IRS proposal from the budget reconciliation bill. Our U.S. Senators and Representatives were overwhelmed with the level of response on this issue – and thanked credit unions for making their concerns known in a big way. More than 65,000 Kansas and Missouri credit union leaders and members sent messages of concern to Congress regarding the IRS expanded reporting requirements, and many credit unions shared that information their members.  

We received positive news yesterday when the IRS proposal was not included in the newly released reconciliation legislation. However, lawmakers encouraged ongoing grassroots efforts opposing the proposal. As this bill moves through the legislative process, keep the pressure on! Please continue to take action by sharing concerns with members of Congress and activating your members to send messages to Capitol Hill through CUNA’s Member Activation Program (MAP) community.

Overwhelmingly, our members of Congress recognize our concerns.  U.S. Rep. Sharice Davids (D-Kansas Dist. 3) was one of 21 Democratic House members who wrote in opposition of expanded IRS reporting requirements. Just last week, Republican U.S. House members from Kansas and Missouri joined on a letter to Treasury Secretary Yellen, sent on October 21.

“While the intent of this proposal is to ensure all taxpayers meet their obligations—a goal we strongly share—the data that would be turned over to the IRS is overly broad and raises significant privacy concerns,” the members of Congress wrote. “We have little information about how the IRS plans to protect or use this massive trove of data. Americans expect their bank or credit union to safeguard their financial information. This proposal would erode trust in financial services providers.”

There is significant concern this proposal would violate consumers’ privacy, pose significant data security risks, and increase regulatory burden. View other ways that HCUA has urged Congress to oppose the proposed IRS reporting provisions. 

Again, take continued action by sharing concerns with members of Congress, thanking those lawmakers who agree with our concerns and have taken action to share those concerns in letters, and activating your members to send messages to Capitol Hill through CUNA’s Member Activation Program (MAP) community.