While the Senate Finance Committee released the tax provisions of the Build Back Better Act without the proposed IRS reporting requirement, credit unions are encouraged to continue applying pressure until the bill is completely passed out of both chambers. We remain adamantly opposed to efforts to require financial institutions to report information on members’ financial transactions to the IRS.
While credit unions and their members successfully worked to kill the proposed IRS reporting requirement in the House with more than 840,000 congressional contacts made, the Build Back Better Reconciliation bill now moves to the Senate, where discussions to include the provision continue. As this provision is incredibly intrusive to consumers and grants unwarranted access to the IRS into the private lives of Americans, credit union members are encouraged to continue expressing opposition to this provision to their senators.
Contact can be made through the LSCU Action Center.
For questions, please contact our Advocacy team.