IRS Proposal in Senate: Please Reengage Your CU's Members

U.S. Senate capitol building dome

The fight is not over. Credit union advocates are still being encouraged to engage their members in grassroots advocacy following the House of Representatives’ passage of H.R. 5376, the Build Back Better Act.

This version did NOT include the harmful Internal Revenue Service (IRS) provision that the California and Nevada Credit Union Leagues and the Credit Union National Association (CUNA) have been fighting against. The provision would have required financial institutions to turn over consumer account data to the IRS.

As part of the opposition efforts in the House, Rep. Stephen Horsford (D-NV) arranged for the Leagues and CUNA to take credit unions' concerns directly to Treasury Department Deputy Secretary Wally Adeyemo. More importantly, Rep. Lou Correa (D-CA) arranged a letter to the House leadership signed by 21 House Democrats opposing the provision — effectively killing its chances in the House.

As the bill heads to the Senate, there are a few senators debating whether to add a modified version of this IRS provision back into the legislation. Credit union advocacy kept this policy out of the House bill, and now advocates need to make sure the Senate does the same.

To date, California and Nevada credit unions have originated more than 70,000 of the total 800,000 messages sent nationally.

The Leagues and CUNA encourage you to engage or reengage your members to ensure their voices are heard. Please direct your employees, volunteers, and members to Connect for the Cause, the Leagues’ grassroots advocacy platform. A new and updated letter targeted to U.S. senators is set up in the system.

Our collective voices can make a difference for all credit unions. In California, the League is aiming for more than 10,000 letters. And in Nevada, 1,000-plus letters in one week can make a big difference!

Please activate your team TODAY through Connect for the Cause! You can also download sample messaging templates here. If you have questions, please contact Emily Udell in the Leagues' advocacy office.

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