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Last week, CUNA launched a “call to action” to members in advance of a House Ways and Means Committee meeting to consider a proposal that would require financial institutions to report deposits and withdrawals of all business and personal accounts with a balance of more than $600. This week, the “action alert” was expanded to include credit unions members and their employees.
The proposed mandates originated in President Biden’s budget, but are currently being considered to subsidize the human infrastructure package Democratic leaders are trying to put together. It is widely reported that this package would be passed through the Congressional budget reconciliation process, which would only require majority support. Supporters believe the mandates would generate increased revenues to federal coffers without raising taxes.
The League continues to closely monitor and engage in this important policy debate. Earlier this week, the League submitted a letter to Maine’s congressional delegation outlining our concerns with the proposal. The letter emphasized the burden the proposed mandates would have on financial institutions, while also highlighting the risks associated with transmitting personal consumer data to the IRS.
This will be an ongoing advocacy effort that may require increased engagement from Maine credit union leaders. Please feel free to contact the League’s Governmental Affairs team for up-to-date information.
CUNA also developed a set of talking points that may be helpful to credit unions when discussing this issue.