House Democrats call for IRS reporting proposal to be withdrawn

Twenty-one Democratic House members wrote in opposition of expanded Internal Revenue Service (IRS) reporting requirements to Speaker of the House Nancy Pelosi (D-Calif.) and House Ways and Means Committee Chairman Rep. Richard Neal (D-Mass.) Wednesday. The letter follows one sent last week by more than 200 additional Republican House members.

“While the intent of this proposal is to ensure all taxpayers meet their obligations—a goal we strongly share—the data that would be turned over to the IRS is overly broad and raises significant privacy concerns,” the members of Congress wrote. “We have little information about how the IRS plans to protect or use this massive trove of data. Americans expect their bank or credit union to safeguard their financial information. This proposal would erode trust in financial services providers.”

CUNA and Leagues directly engaged with members of Congress on the letter, and the representatives cited the “hundreds of thousands of our constituents” who have reached out in opposition to the proposal.

“Thanks to the officials who heard the concerns of credit union members and consumers about the negative impact this proposal would have on their financial lives, and for the credit union advocates who continue to push back against this proposal,” said CUNA President/CEO Jim Nussle.

Rep. Lou Correa (D-Calif.) led the letter, which was also signed by Cindy Axne (D-Iowa), Ami Bera (D-Calif.), Carolyn Bourdeaux (D-Ga.), Sanford Bishop (D-Ga.), Salud Carbajal (D-Calif.), Henry Cuellar (D-Texas), Vicente Gonzalez (D-Texas), Josh Gottheimer (D-N.J.), Chrissy Houlahan (D-Pa.), Ann McLane Kuster (D-N.H.), Al Lawson (D-Fla.), Susie Lee (D-Nev.), Stephanie Murphy (D-Fla.), Tom O’Halleran (D-Ariz.), Chris Pappas (D-N.H.), Kurt Schrader (D-Ore.), Jennifer Wexton (D-Va.), Elaine Luria (D-Va.), Sharice Davids (D-Kansas), and Deborah Ross (D-N.C.)

CUNA, Leagues, and credit unions have raised the same data privacy and security concerns to Congressional leaders. More than 700,000 credit union stakeholders have sent comments in opposition of the proposal.

Source: news.cuna.org/articles/120077-house-democrats-call-for-irs-reporting-proposal-to-be-withdrawn

 

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