You may have heard about the IRS Reporting Provision that was recently under consideration by Congress. The proposal would have imposed excessive reporting requirements for credit unions and significantly impacted member’s data privacy.
We are happy to report that the proposal was removed from the reconciliation legislation released by Congress. It was also absent from the White House framework of the legislation.
As a collaborative effort between Cornerstone League, other leagues, credit unions, members, and CUNA there were more than 819,000 responses from credit unions, and almost 67,000 from the Cornerstone tri-state region.
In addition to House Republicans, 21 House Democrats called for the proposal to be withdrawn, including Rep. Vicente Gonzalez of Texas.
More changes can happen as this bill moves through the legislative process, but the last few weeks have demonstrated the power of the credit union movement. This is a great win for credit unions everywhere.
Credit union young professionals have access to a program dedicated to help you engage, empower, and create an impact.