NAFCU to House: Ignore financial institution reporting proposal

by David Baumann, Washington CU Daily

Having lost in the Senate, the National Association of Federally-Insured Credit Unions is asking the House to ensure that its version of an FY22 budget does not allow enactment of a controversial proposal that would require banks and credit unions to report customer transactions.

A similar effort failed in the Senate last week.

“NAFCU has serious concerns about this proposed reporting requirement,” Brad Thaler, the group’s vice president of legislative affairs, wrote in a letter to House members this week.

In his FY22 budget proposal, President Biden proposed requiring financial institutions to report data to the IRS from accounts that have “gross flow thresholds” over $600 as a way of increasing tax compliance. That plan expressed the administration’s preferences and was not binding on Congress.

 

continue reading »