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NAFCU video encourages consumers to call on Congress to reject proposed IRS reporting requirement
NAFCU’s award-winning advocacy team continues its grassroots efforts against the proposed IRS reporting requirement, this time encouraging consumers to take to social media to voice their opposition against the provision. In a new video released Monday, NAFCU outlines how this dramatic change would have the IRS collecting and analyzing information for all banks accounts that spend or receive more than $600 a year in a checking or savings account.
The association has been steadfast in urging Congress to reject the provision, which is still under consideration in the budget reconciliation package. Momentum against the proposal continues to build both on and off the hill. Last week, Ways and Means Republicans joined together to sponsor legislation that would block the IRS reporting requirement.
In addition, NAFCU along with a group of over 100 associations last week sent a joint letter to Congress expressing concerns around the requirement and explaining why the program would be “costly for all parties, not fit for purpose, and loaded with the potential for unintended and serious negative consequences.”
The association continues to advocate for credit unions and their members to ensure this provision is not included in legislation and will continue to advocate against provisions that would further complicate credit union compliance and reporting burdens.