“we urge you to not include this troublesome provision, at any threshold or with any parameters, in the Build Back Better Act and reject its inclusion in any future legislative effort.”
NAFCU Vice President of Legislative Affairs Brad Thaler sent a letter to leaders of the House Ways and Means Committee and Senate Finance Committee highlighting NAFCU’s continued opposition to including new IRS reporting requirements for financial institutions in the Build Back Better Act (BBBA) and noting that potential compromises being floated do not address credit union concerns. The proposed new reporting requirement would require financial institutions to submit information to the IRS for all accounts with over $600 in inflow or outflow transactions on an annual basis. NAFCU has previously opposed this provision as Congress considered the fiscal year 2022 Budget Resolution.
More Stories
Stupid Stuff Fraudsters Buy: The $250 Million Pool Shark
Ally Keeps Growing as Auto Loan Delinquencies and Losses Edge Higher
When a Car Is Obtained Through Fraud, Is It Counted as Stolen?
Credit Union Employee Accused of Stealing from the Dead
Credit Union Promoted Employee Despite Fraud Warnings — Then Collapsed Under $3.5 Million in Losses
The New Normal? Auto Loan Delinquencies May Have Found Their Floor