Hello, Valued Member.
I am writing to you with an important message about a new legislative proposal regarding IRS reporting revisions. As Congress considers critical new infrastructure spending, policymakers are eyeing unconventional sources of revenue to fund their plans.
One proposal under consideration would require credit unions, like PEFCU, and other financial institutions to report to the Internal Revenue Service (IRS) how much money has gone into and out of accounts holding more than $600. This would require financial institutions to report non-taxable activity. The federal government believes the IRS needs more visibility into consumer accounts in order to identify additional taxable income.
This unprecedented access to consumers’ personal financial data raises several alarms. This proposal would violate consumers' personal privacy by forcing credit unions and banks to provide the government with information that does not reflect taxable activity. It would also bring unnecessary and expensive regulatory hurdles to financial institutions - particularly those in low-income and rural areas - making it unsustainable for them to continue serving consumers already left behind by Wall Street banks.
It is important for us to come together and urge Congress to protect consumers' personal privacy and oppose this new IRS provision.
Follow the link above to contact your lawmakers and ask them to protect your privacy from this overreaching regulation. It is important to voice your concerns before this becomes law.
Thank you for being a PEFCU member.