Message from CEO James Gergen
Tell Congress to Oppose new IRS Reporting Provisions
As Congress considers critical new infrastructure spending, policymakers are eying unconventional sources of revenue to fund their plans.
One proposal under consideration would require financial institutions, including CPM, to report to the Internal Revenue Service (IRS) how much money has gone into and out of almost every personal or business account. Under the proposal, we would have to report to the IRS on any member with transfers in or out of their accounts totaling $600 or more per year. We would be required to tell the IRS the total of your cash deposits and withdrawals, your total transfers between your CPM accounts, and your total transfers between your CPM accounts and accounts and services held elsewhere, including when you use services such as Zelle, Venmo, and CashApp. The IRS is seeking unprecedented access to your personal financial data and that raises several alarms.
- This proposal would violate your personal privacy by forcing credit unions and banks to provide the government with information that does not reflect taxable activity.
- Financial institutions would face unnecessary and expensive regulatory hurdles 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.
If you agree with us that this request for non-taxable activity is an overreach by Congress and the IRS, please let your congressional representatives know. We have added an easy way to voice your concerns below. If prefer to contact your representatives directly, each of your representatives has a website which makes it easy for you to contact them and leave a message on pending legislations. Your privacy is at stake. Please act today and ensure your voice is heard.
CPM Federal Credit Union