Link FCU Members,
Link FCU actively participates in the legislative process, through the Credit Union National Association (CUNA), to represent the best interests of our Credit Union member/owners. Our goal is to preserve the cooperative financial model and to protect the interests of our members. There is a concerning issue taking shape in Washington that we think members will want to know about. Below are the details of what is happening, with a link for you to quickly and easily connect with your elected official if you feel strongly about protecting your accounts at all financial institutions.
What’s the Issue?
As Congress considers new infrastructure spending, lawmakers are considering unconventional sources of revenue to fund their plans. One proposal under consideration would require all financial institutions to report to the Internal Revenue Service (IRS) many activities on accounts with balances over $600. Such unprecedented sharing of your personal financial data raises several concerns.
This proposal would violate the personal privacy of consumers like you by forcing all financial institutions to provide the government with information that does not reflect taxable activity.
Financial institutions would face a new and expensive regulatory burden to comply with this requirement.
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 Can You Do?
Please consider lending your voice to this important effort. Click here to learn more and send an e-mail to your U.S. Representative. Tell Congress to reject this new IRS reporting provision.