They are at it again and CU warns us- Government wants more personal bank data

Dear Member, As Congress considers critical new infrastructure spending, policymakers are looking at unconventional sources of revenue to fund their plans. One proposal under consideration would require credit unions like xxx Federal Credit Union to report to the Internal Revenue Service (IRS) multiple activities on accounts holding more than $600. This unprecedented access to consumers’ personal financial data raises several concerns. This proposal would violate consumers’ personal privacy by forcing credit unions and banks to provide the government with information that does not reflect taxable activity. Financial institutions—particularly those in rural and low-income communities—would face unnecessary and expensive regulatory hurdles that could make it untenable to serve those consumers already left behind by Wall Street banks. 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. … How you can help and what we need from you. At xxx Federal Credit Union, we believe it is our responsibility to inform you, our members, when legislation is being discussed that could directly affect you. Please consider lending your voice to this important effort. To learn more and to send an email to your U.S. Representative https://www.votervoice.net/mobile/CUNA/campaigns/87852/respond