Twenty-one Democratic House members wrote in opposition of expanded Internal Revenue Service (IRS) reporting requirements to Speaker of the House Nancy Pelosi (D-Calif.) and House Ways and Means Committee Chairman Rep. Richard Neal (D-Mass.) Wednesday.
Credit Union National Association (CUNA) and state credit union associations launched a national grassroots campaign, issuing a serious warning concerning the impact on consumers.
“This proposal has received scrutiny and criticism from both sides of the aisle, affirming the negative impact it would have on the financial lives of many working-class people,” said CUNA President/CEO Jim Nussle. “We will continue to rally credit union advocates to push back against what we also believe is a serious invasion of privacy.”
CUNA, Leagues, and credit unions have raised the same data privacy and security concerns to Congressional leaders. More than 700,000 credit union stakeholders have sent comments in opposition to the proposal.