Special recognition: Oregon State Credit Union would like thank our members and Congressman Kurt Schrader (D-OR) for joining 20 other members of Congress who shared their thoughts and concerns on the proposed IRS reporting mandate.

10/28/21 4:00 PM update

Congressional leaders on Thursday outlined a new reconciliation package for the President’s FY 2022 budget. The updated draft bill text backs away from the provision requiring financial institutions to report all account inflow and outflow of accounts with $10,000 or more to the IRS annually.  

While the intent of this original 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.  In fact, congressional members shared, “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.”   The representatives  also cited the “hundreds of thousands of our constituents have reached out in opposition to the proposal."

Thank you for your membership and taking action on this issue affecting your credit union.

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