Fénix Multiservices Llc

09/12/2024

10/19/2021

Reminder: IRS Proposal Could Affect Your Privacy

Dear Member,

As a member-owned 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.

As Congress considers new infrastructure spending, lawmakers are considering unconventional sources of revenue to fund their plans. One proposal that was under consideration would require all financial institutions including Educators Credit Union to report to the Internal Revenue Service (IRS) how much money has gone in and out of accounts with balances over $600. Although this has currently been removed from the bill, it could be added back. Please help us ensure this doesn’t occur by lending your voice to this important effort.

Since this proposal involves reporting personal financial data, this would infringe upon everyone’s privacy.

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. Additionally, financial institutions—particularly those in rural and low-income communities—would face a new and expensive regulatory burden that could make it difficult to serve those members.

The Credit Union National Association (CUNA) has put together resources to help contact your representatives and let them know your feelings on this proposal.

03/25/2021

08/30/2019

Nueva Vision... Nueva Generacion.