As you know, Security is our #1 priority at Commonwealth Credit Union. The safety and security of your information and accounts are of the utmost importance to us. You’ve entrusted us with this privilege and it’s not one we take lightly.
NEW PROPOSED IRS REPORTING REQUIREMENT
I wanted to take a few moments today to make sure you are aware of a new proposal from the United States Treasury Department. If this proposal is approved and takes effect, all financial institutions, banks and credit unions alike, will be required to report individual transactions that are not required to be reported today . This is an unprecedented grab of your personal financial information. This would be applicable to both business and personal accounts. Congress is expected to vote on the inclusion of this proposal in a package aimed at expansive tax reform.
WHAT COULD THIS MEAN FOR YOU?
The proposal would require credit unions and other financial institutions to report to the Internal Revenue Service how much money has gone into and out of accounts, including individual transactions that are not required to be reported today.
WHAT COULD THIS MEAN FOR YOUR CREDIT UNION?
This cumbersome new requirement would mean that Commonwealth Credit Union would have to re-evaluate staffing in order to comply with the new reporting standards. Additionally, this new regulation would require us to send your private information, which should remain confidential and personal, to the IRS.
WHAT CAN I DO?
I firmly believe there is power in numbers and encourage you to reach out to your legislators if you oppose the proposed changes to IRS reporting requirements. Our Congressional delegation is charged with speaking up for their constituents and now is the time to make your voice heard! You can find a prepared message here
or send a personal message. To find contact information for your Representative, click here
, and both our Senators, click here
I will keep up-to-date with the movement of this proposal, as I do with any legislation that could impact you, our members. Thank you for being part of the Commonwealth Credit Union Family.