Proposed IRS Reporting Requirement
As you may know, Congress is currently considering requiring financial institutions such as credit unions to report information about your business and personal accounts to the IRS. Purdue Federal is opposed to this proposal in an effort to protect your personal financial data and to reduce costly additional reporting for financial institutions.
Many credit unions across Indiana and the United States have already expressed their opposition to this proposal due to the following:
- This proposal would violate the personal privacy of members like you by forcing credit unions and other financial institutions to provide the government with information on every account with inflow or outflow of $10,000 or more.
- Credit unions would face new and expensive regulatory hurdles.
- The systems used to store and secure IRS information have already been compromised in recent years. Adding this data only increases the likelihood of a future breach of your personal financial information.
Unfortunately, the requirement would continue to be a significant invasion of credit union members’ financial privacy and would become an even more complicated regulatory burden. We will continue to oppose this proposal and encourage our members to as well.
You can lend your voice by writing to your U.S. Representative here.
President & CEO