October 18, 2021

Bill prohibiting IRS reporting requirement introduced in the House

IRSRep. Drew Ferguson, R-Ga., introduced legislation that would block the IRS reporting requirements currently included in the fiscal year 2022 budget reconciliation package, the Build Back Better Act. The bill is co-sponsored by all Republican members of the House Ways and Means Committee.

NAFCU has consistently urged Congress to reject the provision – which would require financial institutions to report account inflow and outflow information of $600 or more to the IRS – since its inclusion in the Administration’s budget proposal.

The association recently launched a new round of grassroots efforts against the proposal to encourage credit unions to engage with lawmakers on this issue to warn them of the impact on financial institutions and to reject the latest efforts to include it. Credit union members and those generally opposing the reporting provision are encouraged to use the hashtag #KeepMyBankingPrivate on social media to express their concern around the requirement.

The association will remain steadfast on this issue to ensure it is not included in legislation and will continue to advocate against provisions that would further complicate credit union compliance and reporting burdens.