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The League has been closely monitoring a proposal before Congress that would require financial institutions to report deposits and withdrawals of all business and personal accounts with a balance of more than $600 to the IRS. A grassroots advocacy effort, led by CUNA, was launched to encourage Congress to address the credit union industry’s concerns. This effort is experiencing some traction in Washington. Earlier this week, the proposed measure was not included in a bill that was reported out of the House Ways and Means Committee.
The decision by the committee to leave the proposal out of the bill is promising, but there are still opportunities for the IRS reporting language to be added back in the bill before a final vote is taken. Individual engagement sends a powerful message to elected officials and continued engagement is essential. CUNA reports over 150,000 credit union members and employees reached out to elected officials, 502 of whom were from Maine.
This will be an ongoing advocacy effort that may require additional engagement from Maine credit union leaders. Please feel free to contact the League’s Governmental Affairs team for up-to-date information.