SoCalDave
Well-Known Member
- Joined
- Jul 1, 2011
- Messages
- 12,577
- Reaction score
- 28,125
Dear David,
We would like to make you aware of legislation under consideration by U.S. lawmakers that has alarmed the credit union movement and ask for your help in preventing an unprecedented grab of your personal financial data by the Internal Revenue Services (IRS).
Congress is currently considering new infrastructure spending and is considering unconventional sources of revenue to fund their plans. One proposal being considered would require all financial institutions, like Credit Union of Southern California (CU SoCal), to report to the IRS many activities on accounts with annual inflows or outflows of $600 or more.
This proposal is very concerning for several reasons:
It violates 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. The IRS uses antiquated data systems to store taxpayer data that have been compromised in recent years, risking exposure of your personal financial information.
We feel there are more effective and far less intrusive methods to achieve their stated goal than collecting information on the daily financial transactions of law-abiding American families.
What We Ask Of You
At CU SoCal, we value civic engagement and believe it’s our duty to inform you when legislation is being discussed that could directly affect you.
Please tell Congress to reject this new IRS reporting provision. Add your voice to this important effort. It just takes a minute. Click this link to learn more and to send a pre-written email to your Congressional representative.
Thank you for your consideration.
Sincerely,
Dave Gunderson
President and CEO
Credit Union of Southern California
We would like to make you aware of legislation under consideration by U.S. lawmakers that has alarmed the credit union movement and ask for your help in preventing an unprecedented grab of your personal financial data by the Internal Revenue Services (IRS).
Congress is currently considering new infrastructure spending and is considering unconventional sources of revenue to fund their plans. One proposal being considered would require all financial institutions, like Credit Union of Southern California (CU SoCal), to report to the IRS many activities on accounts with annual inflows or outflows of $600 or more.
This proposal is very concerning for several reasons:
It violates 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. The IRS uses antiquated data systems to store taxpayer data that have been compromised in recent years, risking exposure of your personal financial information.
We feel there are more effective and far less intrusive methods to achieve their stated goal than collecting information on the daily financial transactions of law-abiding American families.
What We Ask Of You
At CU SoCal, we value civic engagement and believe it’s our duty to inform you when legislation is being discussed that could directly affect you.
Please tell Congress to reject this new IRS reporting provision. Add your voice to this important effort. It just takes a minute. Click this link to learn more and to send a pre-written email to your Congressional representative.
Thank you for your consideration.
Sincerely,
Dave Gunderson
President and CEO
Credit Union of Southern California