October 28, 2021

FOR IMMEDIATE RELEASE
October 28, 2021
Washington, DC

 

 CUNA President/CEO calls the development a “major win” for credit union members

Credit Union National Association (CUNA) President/CEO Jim Nussle released the following statement after Congress introduced the budget reconciliation package without a harmful Internal Revenue Service (IRS) reporting proposal:

“This is a major win for credit union members and consumers everywhere. The last thing Americans want right now is the government snooping on their accounts,” Nussle said. “Safeguarding consumer privacy and data security is a key part of promoting financial well-being for all, and it’s encouraging that Congress recognizes this credit union priority.”

Earlier this year, the White House proposed that financial institutions turn over vast amounts of consumer account data as a means of paying for the administration’s annual budget proposal. Credit union members and employees across the country sent more than 785,000 messages to Congress, pushing back against the proposal.

CUNA, the Leagues, and several other industry organizations, called on President Biden and Congressional leadership to withdraw the proposal.

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About CUNA:           
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 120 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.

CONTACT:
Lauren Williams
CUNA Communications
202-672-3396      

https://news.cuna.org/articles/print/120087-irs-reporting-scrapped-from-reconciliation-package