Internal Revenue Service, Washington D.C. (Source: Shutterstock)
Sens. Tim Scott (R-S.C.) and Mike Crapo (R-Idaho) and Rep. Drew Ferguson (R-Ga.) introduced the Prohibiting IRS Financial Surveillance Act in their respective chambers Wednesday as an effort to block the Biden Administration's push for deposits that total at least $10,000 be reported to the IRS.
Credit union trade organizations CUNA and NAFCU, as well as several other financial groups, have come out in full support of the new legislation, which they believe will stop IRS overreach and protect consumers and financial institutions.
A statement from CUNA Wednesday evening said, "Credit unions and their members engaged in a vigorous grassroots effort against the 2021 proposal to direct the IRS to collect private transaction data of virtually every consumer in the U.S. As written, the legislation prohibits such requirements from being established.
"CUNA strongly supports the bill. Sens. Scott and Crapo, Ranking Members of the Senate Banking Committee and Senate Finance Committee, respectively, are joined by 29 other Senators sponsoring the legislation."
NAFCU SVP of Government Affairs Greg Mesack said, "NAFCU thanks Senators Scott and Crapo and Representative Ferguson for reintroducing important legislation to protect consumers from invasive IRS surveillance of their financial data that could compromise their privacy. The Prohibiting IRS Financial Surveillance Act has broad support as Americans have made it clear the government should not be tracking their daily finances. We look forward to working with lawmakers to get this legislation enacted this Congress."
According to lawmakers and credit union trade groups, the legislation introduced Wednesday "would prohibit any future attempts to establish this reporting regime."
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
