Communication Federal Credit Union rarely asks our members to contact Congress regarding legislative issues. However, we wanted to make you aware that there is proposed legislation which could substantially impact the detail of information that all banks and credit unions are required to report about your routine account activity. Specifically, language in the Infrastructure Reconciliation Bill, would require financial institutions to report to the IRS all withdrawals and deposits to personal and business accounts when the balance is greater than $600.
We believe that the majority of our Communication Federal Credit Union Members could have hesitation about this detail being reported to the IRS. A few considerations could be:
- Transmission of your sensitive account details could jeopardize the privacy of your account information.
- The potential that regular account transactions could trigger additional IRS scrutiny.
- The costs associated with financial institutions compiling and reporting this information will be significant and could increase the cost of financial services to consumers.
If you would like to contact your congressional representative, we have coordinated with the Credit Union National Association (CUNA) to offer a simple tool that will allow you to urge congress to oppose this legislation. By following this link you can easily send a message to congress expressing your concerns regarding the sharing of your personal financial information.
Sincerely,
Communication Federal Credit Union