As your credit union, we want our members to know the facts, especially when it relates to concerning developments around public policy that exposes your financial privacy. A bill has been proposed in Congress that would require all credit unions and other financial institutions to report to the IRS on all deposits and withdrawals through business and personal accounts worth more than $600 regardless of tax liability.
This indiscriminate, comprehensive bank account reporting to the IRS can soon be enacted in Congress and will create an unacceptable invasion of privacy for our members.
We work for our members and our community, not the IRS. Please join us in telling Congress the proposed IRS bank account profiling is intrusive and poses an undue risk to personal financial privacy.
Visit cuna.org/irs to learn more and to easily contact your representatives.