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Update on 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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We recently informed you about a proposal under consideration by Congress that would require financial institutions like Adventure Credit Union to report account activity to the Internal Revenue Service (IRS). 

Ultimately, there’s both good and bad news. The good news is over 800,000 messages have been sent to Capitol Hill telling lawmakers to oppose this proposal, leading to 21 Democratic members of the U.S. House of Representatives to openly oppose expanding the Internal Revenue Service (IRS) reporting requirements. The House of Representatives removed this language from their version of the bill which passed on November 19th. If you took the time to email Congress, thank you for your efforts as this wouldn’t be possible without your efforts. We opposed this provision, sent messages to House members, and they listened.  

The bad news is that some Senators are debating whether to add this provision back into the bill. As Congress continues to debate this package, some lawmakers are still considering this unconventional source of revenue to fund their plans. Such an unprecedented grab of your 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:
If you contacted your lawmaker already, we would encourage you to do so again. The message to the lawmakers has been updated to reflect the current debate. 

If you didn’t participate the first time, now is your opportunity to join the cause. At Adventure Credit Union, we value civic engagement and believe it’s our duty to inform you when legislation is being discussed that could directly affect you.  

Tell Congress to reject this new IRS reporting provision. Click the red button below to learn more and send an e-mail to your elected representatives in Washington, D.C.    

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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: