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Senator Tommy Tuberville Introduces Bill to Protect Credit Unions from IRS Reporting Requirement

Lizeth George1 min readOctober 1, 2021

On Monday, Senator Tommy Tuberville (R-AL) introduced legislation to block the Biden proposal that would require financial institutions to report all transactions of $600 or more made by customers to the IRS.

The League of Southeastern Credit Unions & Affiliates (LSCU) Advocacy team spoke exclusively with Senator Tuberville about the direct impact the Biden proposal would have on credit unions and how his recently introduced legislation would prevent unwarranted access into the private lives of hardworking Americans.

Listen now: https://www.youtube.com/watch?v=Y9KbzBbqWQw

LSCU is grateful to Senator Tuberville for his efforts to protect credit unions from burdensome regulations.

As a reminder, credit union members are encouraged to contact lawmakers and urge them to oppose this IRS reporting provision.

Written by
Lizeth George
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The League of Southeastern Credit Unions & Affiliates represents 302 credit unions in Alabama, Florida and Georgia, with a combined total of $175 billion in assets and more than 11.6 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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To create an environment that enables credit unions to grow and succeed.

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To be the trusted advocate and preferred source of information for credit unions.

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