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Please tell lawmakers to oppose IRS reporting proposal

This proposal would effect all credit union members who have more than $600 flowing in and/or out of their accounts during the year.

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As Congress considers critical spending packages, lawmakers are looking at unconventional sources of revenue.  One proposal under consideration would require financial institutions like Adventure Credit Union to report to the Internal Revenue Service (IRS) many activities on our members accounts.  This proposal would effect all credit union members and bank customers who have more than $600 flowing in and/or out of their accounts during the year.

The Credit Union National Association (CUNA), Michigan Credit Union League, and Adventure Credit Union are all opposed to this proposal because such an unprecedented grab of our members personal financial data raises several concerns:   

  • This proposal would violate the personal privacy of consumers like you by forcing credit unions and other financial institutions to provide the government with information that does not reflect taxable activity.   
  • Financial institutions would face a new and expensive regulatory burden.  This could make it difficult or impossible for smaller FIs, particularly credit unions in rural and low-income communities, to serve their members. 
  • The government relies on decades old data systems to store and secure IRS information. These systems have already been compromised in recent years, and the addition of this type of data only increases the likelihood of a future breach of your personal financial information. 

Take action!  What credit union members can do:
We encourage you to use your voice!  Please consider writing a message to your local lawmakers letting them know you oppose any measure that turns your personal financial information over to the IRS. 

You can easily write and send your message through CUNA's website by clicking the red button below.  CUNA's site will give you a form letter you can edit or use verbatim.

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We also encourage you to email your US Representative and State Senators directly using the links below.

United States Senators for Michigan:

US Representatives: