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Sen. Tim Scott, R-S.C., and 47 Republican Senators Thursday introduced legislation to block the IRS reporting requirements currently included in the fiscal year 2022 budget reconciliation package, the Build Back Better Act.

"NAFCU commends Senator Tim Scott’s introduction of the Prohibiting IRS Financial Surveillance Act that will protect consumers from invasive IRS surveillance of their financial data," said NAFCU Senior Vice President of Government Affairs Greg Mesack in response to the bill's introduction. "Americans have made it clearly known that they do not want the IRS obtaining data on their spending and deposits. NAFCU stands ready in support of Sen. Scott’s bill and will do what we can to ensure this critical legislation is passed.”

Additionally, NAFCU Vice President of Legislative Affairs Brad Thaler thanked Scott for introducing the bill in a letter sent Wednesday.

"While we support efforts to increase taxpayer compliance, we do not believe adding untested reporting requirements to an already heavily regulated industry is the answer," wrote Thaler. "Instead, we would encourage Congress and the Administration to seek better solutions for taxpayer compliance, such as increased funding and support for IRS improvements. We remain committed to working with you in that effort."

View Thaler's full letter here. The association remains alert on this issue to ensure its exclusion from the Build Back Better Act and will continue to advocate against provisions that would further complicate credit union compliance. In addition, NAFCU has urged members to urge Congress to oppose the requirements in a grassroots campaign.

Stay tuned to NAFCU Today for the latest on the legislation as it moves through Congress and view the association’s advocacy page on this issue for more information.