American United is Against Proposed IRS Reporting Requirements

The proposal under consideration would require credit unions to report members’ account specifics to the Internal Revenue Service (IRS), such as how much money goes into and out of accounts holding more than $600.

American United strongly opposes this unprecedented access to members’ personal financial data in the proposed infrastructure plan. The proposal on the table would violate members’ personal privacy by forcing credit unions and other financial institutions to provide financial information that does not reflect taxable activity.

Particularly in rural and low-income communities, financial institutions would face expensive and time-consuming processes to report this data on a regular basis. With the data systems of the IRS being fairly outdated, the personal data we would be required to report on our members could easily be compromised. These systems have already been compromised in recent years, and with the large increase in data being proposed, it could mean the likelihood of future data breaches would also increase exponentially.

The Credit Union National Association (CUNA) says, “Don’t jeopardize consumers’ personal financial privacy by allowing the IRS to access nontaxable deposit account information from credit unions and banks.” 

Visit the CUNA Grassroots Action Center to contact your Federal Representatives Senators, and to learn more about the proposed reporting requirements.

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