Protect your Privacy
As Congress considers critical new infrastructure spending, lawmakers are considering unconventional sources of revenue to fund their plans.
One proposal under consideration would require financial institutions, like L&N, to report to the IRS many activities on accounts with balances greater than $600. This unprecedented access of your personal financial data raises several concerns:
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This proposal would violate the personal privacy of consumers like you by forcing credit unions and other financial institutions to provide the government with information that does not reflect taxable activity.
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Financial Institutions—particularly smaller institutions like L&N would face a new unnecessary and expensive regulatory burden that could make it untenable to serve those consumers already left behind by Wall Street banks.
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The government relies on decades old data systems to store and secure IRS information. These systems have already been compromised in recent years, and the addition of this type of data only increases the likelihood of a future breach of your personal financial information.
What We Need from You
This proposal is NOT currently in effect. At L&N Credit Union, we value civic engagement and believe it’s our duty to inform you when legislation is being discussed that could directly affect you.
We work for our members, not the IRS. Join us in telling Congress that the proposed IRS bank account profiling is intrusive and indiscriminate for our members.
Please consider lending your voice to this important effort—click on Grassroots Action Center (cuna.org) to learn more and send an email to your US Representative.
Help Us Tell Congress to reject this new IRS reporting provision