WASHINGTON—In the lead up to the proposal being dropped by Congress, credit union staff and members have sent more than 155,000 messages in opposition to expanding Internal Revenue Service reporting requirements, according to CUNA.
The House Ways and Means Committee concluded its markup of the budget reconciliation bill this week, advancing the legislation without language calling for increased reporting requirements. Treasury Secretary Janet Yellen, however, has publicly stated her support for the proposal as recently as yesterday.
As CUToday.info has reported, the proposal would have required reporting to the IRS on gross inflows and outflows of account holders, both businesses and individuals, with a breakdown for cash, transactions with a foreign account, and transfers to and from another account with the same owner.
CUNA said it continues to call on credit union advocates to use its Grassroots Action Center to send a message outlining concerns with the proposal, which has been discussed as part of the Build Better Act.
A ‘Positive Sign’
“It’s a positive sign the House Ways and Means Committee has not inserted a provision calling for additional reporting for financial institutions, which we believe gives rise to major privacy and security concerns,” said Ryan Donovan, CUNA chief advocacy officer. “We must remain vigilant and guard against the insertion of these new reporting requirements as this bill moves through the Rules Committee and on to the House floor.”
The Senate could either pass its own budget reconciliation bill or wait to take up the House-passed bill.