A BIG Advocacy WIN on IRS Reporting Provision
Thanks to your advocacy and consistent grassroots action, over 9,000 messages were sent to our Tennessee delegation letting them know that our credit unions opposed the IRS Reporting Provision! Nearly 800,000 messages were sent by credit union advocates nationwide.
The IRS Reporting Provision would have required financial institutions to report the total inflows and outflows of accounts that reach a $10,000 threshold (previously $600) to the IRS. Credit Union National Association (CUNA) and state credit union associations launched the grassroots campaign, issuing a serious warning concerning the impact on consumers. After raising data privacy and security concerns to Congressional leaders the IRS Reporting Provision was removed from the Build Back Better package.
In addition to those efforts, two Republican letters, including all Tennessee Republicans, were sent to leadership and Treasury and twenty-one Democratic House members joined credit unions and credit union leagues and wrote in opposition of expanded Internal Revenue Service (IRS) reporting requirements to Speaker of the House Nancy Pelosi (D-California) and House Ways and Means Committee Chairman Rep. Richard Neal (D-Massachusetts) on Wednesday, October 27, 2021.
Thank you to everyone who reached out to their Congressmen and women, who talked to them on the weekends at football games, who reached out to their members to get them involved, made phone calls, and any other ways you advocated on behalf of your credit union and your members! YOU made this happen!
Tennessee Special Session
Last week, the Tennessee General Assembly met for a Third Extraordinary Session regarding COVID-19 mandates and protocols. Seven Bills were passed during that time with two of interest being sent to a conference committee before passing in the early hours of Saturday morning – HB9077/SB9014 and HB9076/SB9013.
These two pieces of legislation can impact credit unions and how they operate with their employees. As of now, these still have yet to be signed by Governor Lee, but we’ve asked our counsel to review this so we can give you the legal recommendations. Please be on the lookout for this communication.