IRS Proposal Could Affect Your Privacy

As Congress considers critical spending packages, lawmakers are reviewing unconventional sources of revenue. One proposal would require financial institutions like Nusenda Credit Union to report to the Internal Revenue Service (IRS) additional account information. Such an unprecedented grab of your personal financial data raises several concerns.

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.

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 addition of this type of data only increases the likelihood of a future breach of your personal financial information.

Learn More and Take Action

At Nusenda Credit Union, we value civic engagement and believe it’s our duty to inform you when legislation is being discussed that could directly affect your private account information. Please consider voicing your concern about this proposal.