White House

White House Framework Omits Proposal for IRS Reporting Requirement on Cash Flows Over $600

October 28, 2021
by Team SESLOC

On September 1, 2021, SESLOC supported a call to action from the Credit Union National Association, along with credit unions across the country, to alert our members of a concerning addition to the $3.5 trillion infrastructure spending bill that was proposed in Congress.

The proposal included new IRS reporting requirements that would require financial services providers to report gross cash flows greater than $600 on all their accountholders. This almost assures that every financial institution, Fintech and depository, would report information on every single accountholder.

The White House’s reconciliation framework announced on Thursday, October 28, does not contain the credit union-opposed provision requiring increased reporting to the Internal Revenue Service.

There were 785,000 messages of opposition sent nationwide, and we are proud to say SESLOC members contributed the most of any credit union in California.

If you opted to send a letter to Congress, we are sincerely grateful. Thank you for taking the time to advocate on behalf of SESLOC and all credit unions. 

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