Complex Community DOES NOT support the proposed new IRS reporting requirements that will affect you, our members.
While Complex does not normally engage on topics relating to politics, we feel there is an URGENT matter pending in Congress that needs your attention. Upcoming legislation is proposing a sweeping expansion of tax information reporting to be included in the budget reconciliation process.
The proposal, if enacted, would require financial institutions like Complex Community (as well as other financial institutions such as banks) to report to the Internal Revenue Service (IRS) many activities on accounts with balances over $10,000. This unprecedented grab of your personal financial data raises several concerns.
- The 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.
- Financial institutions – particularly those in rural and low-income communities – would face a new and expensive regulatory burden 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 additions of this type of data only increases the likelihood of a future breach of your personal financial information.
What We Need From You:
This proposal is not currently in effect. At CCFCU, we value civic engagement and believe it’s our duty to inform you when legislation is being discussed that could directly affect you.
Please consider lending your voice to this important effort – click on this link to visit the Credit Union National Association Grassroots Action Center. When you visit the site, you will find a pre-prepared letter. You will input your contact information and select whether you would like to continue receiving email alerts. Click “Send Message” and then input your phone number to finalize the message.
We strongly encourage you to reach out to our Texans in Washington to let them know how you feel about this proposal.
President and CEO