At Trademark, we value civic engagement. We also care about your privacy and protecting your personal information. For these reasons, Trademark is opposed to current legislation that is soon likely to come before Congress, and we encourage you to join us in sharing your opposition.
As Congress considers critical spending packages, lawmakers are considering different sources of revenue to fund their plans. One proposal under consideration would require both credit unions and banks to annually report to the Internal Revenue Service (IRS) how much money goes into and out of all accounts holding more than $600. We believe that sharing this personal financial data with the IRS raises several concerns:
- This proposal wouldviolate the personal privacy of consumers by requiring 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.
- 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.
Please consider lending your voice to this important effort. If you would like to contact your federal lawmakers to oppose the new IRS reporting provision, please click here.