⏰ Time to Take Action!October 14th, 2021
Dear SOCU Member:
Recently you may have heard some talk about the federal government’s proposed new IRS reporting requirements. Congress is looking to force financial institutions like SOCU to forward more information to the Internal Revenue Service – data on every banking transaction you complete in excess of $600. This is concerning for several reasons:
• PRIVACY – The IRS would be collecting your personal financial information that does not even reflect taxable activity.
• SECURITY – Unnecessary personal information could be stored on government systems with known security breaches in recent years.
• COST – Monitoring, collecting, and transmitting such a significant amount of data will be costly to SOCU and other credit unions and banks, increasing an already expensive regulatory burden on the small financial institutions that serve rural communities.
If you agree that the proposed IRS requirements would be an invasion of your privacy, please click this link to learn more and send an email to your U.S. Representative.
Thank you for your time and consideration.
CEO - NMLS # 2088432