Protect Your Privacy

As Congress considers critical new infrastructure spending, lawmakers are considering unconventional sources of revenue to fund their plans. 

One proposal under consideration would require financial institutions like ACIPCO FCU (as well as other financial institutions, such as banks) to report to the Internal Revenue Service (IRS) activities such as how much money has gone into and out of accounts with balances greater than $600.

This unprecedented access to your personal financial data raises several concerns: 

  • This proposal would violate the personal privacy of consumers like you by forcing credit unions and other financial institutions to provide the government with information that does not reflect taxable activity.  
  • Financial institutions—particularly smaller institutions (like ACIPCO FCU) and those in rural and low-income communities—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 of your personal financial information. 

What We Need from You 

This proposal is not currently in effect. At ACIPCO FCU, we believe it’s our duty to inform our members when legislation is being discussed that could directly affect you.

Please consider lending your voice to this important effort—click on this link to learn more and send an e-mail to your U.S. Representative.

Tell Congress to reject this new IRS reporting provision!