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NAFCU’s Mesack calls on CUs to stand up against invasive IRS reporting requirement
In a new message to member credit unions, NAFCU Senior Vice President of Government Affairs Greg Mesack called on credit unions to urge Congress to oppose the proposed IRS reporting requirement. Mesack noted that even with the scaled back version of the provision, the issue still stands and continues to be a major concern for consumer privacy.
“Changing the dollar threshold or excluding certain transactions do not solve the problem,” stated Mesack. “The bottom line is that reporting account inflows and outflows is a radical new concept that is a bad idea and must be rejected outright. “
NAFCU remains attentive on this issue as it makes its way through the budget reconciliation package, the Build Back Better Act (BBBA). Even with the pared down version of the legislation, the association yesterday responded by saying that the updated plan is, “nothing more than window dressing in an attempt to shore up support for a flawed proposal.”
Mesack informed credit union members how they can get involved in opposing the speculative reporting requirement by reaching out to Congress directly via Capitol Hill Switchboard and encouraged them to contact the association's advocacy team for support. Credit unions can also take action on NAFCU’s Grassroots Action Center.
The association remains alert on this issue to ensure its exclusion from the BBBA and will continue to advocate against provisions that would further complicate credit union compliance. Stay tuned to NAFCU Today for the latest on the legislation as it moves through Congress.