IRS Proposal Still Being Discussed

We recently wrote an article informing you about a proposal under consideration by Congress that would require financial institutions like Discovery Federal Credit Union to report large amounts of account activity to the Internal Revenue Service (IRS).

Ultimately, there’s both good and bad news. The good news is nearly 500,000 messages have been sent to Capitol Hill telling lawmakers to oppose this proposal, leading the House Ways and Means Committee to advance policies without this harmful proposal. If you took the time to e-mail Congress, thank you – this wouldn’t be possible without your efforts.

The bad news is that Congress has still not reached a deal and this proposal continues to circulate on Capitol Hill. As Congress debates new spending programs, lawmakers are still considering this unconventional source of revenue to fund their plans. Such an unprecedented grab of your personal financial data raises several concerns.

 

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      • This proposal would violate the personal privacy of consumers like you by forcing credit unions and other financial institutions to provide the government with information that does not reflect taxable activity.

 

      • Financial institutions like Discovery FCU would face new and expensive regulatory burdens that could make it harder to promote your financial well-being.

 

      • The government relies on decades-old data systems to store and secure IRS information. These systems have already been compromised in recent years, and the addition of this type of data only increases the likelihood of a future breach of your personal financial information.

 

What We Need from You

If you contacted your lawmaker already, we encourage you to do so again. The message in the CUNA e-mail template to the lawmakers has been updated to reflect the current debate. If you didn’t the first time, now is your opportunity to join the cause. At Discovery FCU, we value civic engagement and believe it’s our duty to inform you when legislation is being discussed that could directly affect you.

Please consider lending your voice to this important effort. Click on this link to learn more and send an e-mail to your federal lawmakers.

Tell Congress to reject this new IRS reporting provision.

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