Update on IRS Reporting Provision

CUNA President & CEO, Jim Nussel, reported Friday, October 29, 2021:

The expanded Internal Revenue Service (IRS) reporting proposal was left out of the reconciliation legislation released by Congress yesterday, a welcome result after months of bold, fierce, 360-degree advocacy!

Leagues, Credit unions, and members joined CUNA to tell policymakers that this proposal is a privacy nightmare and threatens to undermine years o financial inclusion work, in numbers impossible to ignore.

Just this week, 21 House Democrats called for the proposal to be withdrawn, and House Minority Leader Kevin McCarthy (R-Calif.) hosted a live roundtable with Desert Valleys Credit Union President/CEO Eric Bruen discussing the harm this proposal would bring.

OCCU will continue to keep our community and membership informed and up-to-date as we receive additional information on this topic.