Print
Earlier this week, Speaker of the House Nancy Pelosi (D-CA) announced her public support for the Biden Administration’s proposal to require financial institutions to report the income and outflow of accounts that are $600 in value or greater. This proposal is being considered as a component of the Build Back Better plan being pursued by President Biden and congressional Democrats.
In expressing her support, Speaker Pelosi stuck to the Administration’s talking points, noting that the IRS measure would help crack down on wealthy tax cheats. She also offered that the threshold of $600 could be increased to $10,000 to decrease the burden on lower income accounts.
Banking trade associations, including the League and our partners at CUNA, remain fully opposed to this measure. Increasing the level to $10,000 does not provide the regulatory or privacy protections that the proponents believe it will.
Given the Speaker’s public endorsement, it is critical that interested credit union leaders and members continue to express their opposition to this measure. CUNA has provided draft language that credit unions can customize and share with their members to encourage them to take action. The League also is happy to assist in providing these materials to Maine credit unions.
“The good news is we still have time to make an impact,” said Robert Caverly, League Vice President of Governmental Affairs. “Any credit union thinking about getting involved in this important advocacy effort should do so soon, while congressional leaders continue their negotiations.”
Ryan Donovan, CUNA’s Chief Advocacy Officer, shared in an email to leagues and credit unions that despite Speaker Pelosi’s endorsement, “We are making a difference, but we can’t stop now. If you haven’t engaged your members or colleagues, now is the time! The next few weeks are critical.”
The League will continue to monitor and engage on this important policy debate. We also stand ready to assist those credit unions wishing to get involved. Please email the League’s Governmental Affairs team at rcaverly@mainecul.org for up-to-date information or assistance.