MCUA’s Earl: Rising IRS Reports ‘Bad For Consumers’ | 2021-10-04

Rising Financial Institutions Reporting to the Internal Revenue Service (IRS) Bad for Consumers, Mountain West Credit Union Association President / CEO Scott Earl wrote in AZCentral during the weekend. Earl commented on the proposed wording to require additional reporting to the IRS, which CUNA, leagues and credit unions strongly oppose.

“The privacy of our members is just one of the many reasons we oppose this measure,” he wrote. “For financial institutions to comply with this requirement, significant regulatory burdens would also be added to their operations. This would likely require them to invest in updating software, adding and training staff on the new procedures, handling complaints about the obligation to provide this information to the government, and taking other action.

“All of this will come at a cost to members and customers,” adds Earl.

CUNA continues to call on credit union advocates to use its Popular action center send a message outlining concerns about the proposal. More than 435,000 messages were sent to Capitol Hill on Monday morning.

Credit unions can also activate their members to send messages to Capitol Hill through CUNA Membership Activation Program (MAP) Community.

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Joan Ferguson

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