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A Direct Line Blog

Pushing Back on the IRS Proposal

October 26, 2021 7:30 am

By Jim Nussle, Credit Union National Association CEO

Credit unions have been hard at work pushing back against expanding Internal Revenue Service (IRS) reporting requirements. Our message is the same as it’s been since the beginning: this proposal is bad for consumers and the financial institutions they trust.

Last week, we wrote to Congressional leaders—with the American Association of Credit Union Leagues (AACUL) and all 35 Leagues—to show them how the proposal would set back financial inclusion.

Credit union stakeholders have sent nearly 600,000 messages to Congress on this issue, and we’re being heard. In Congress last week:

  • House and Senate bills were introduced to prohibit the implementation of these requirements.
  • Over 200 legislators signed on to letters urging it be withdrawn.

Major media outlets are sharing our message, too. Chief Advocacy Officer Ryan Donovan has spoken to Reuters, Fox Business, The Hill, and Fast Company just in the past few days about why we think this proposal is harmful.

Your credit union is an important part of stopping this risky and unnecessary proposal from becoming reality. Make sure to use our Grassroots Action Center to send your concerns and use our Member Activation Program community to get your members involved.

Note: You can also reach out to Karen Smith, MCU SVP and Chief Advocacy Officer, with any questions or for up-to-date information.

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