Bill submitted to prevent IRS from obtaining bank account information for accounts over $600 backed by CUNA

The Prohibiting IRS Financial Surveillance Act introduced by Rep. Drew Ferguson has officially been backed by CUNA Wednesday.

The letter explains that the new proposal would leave the IRS holding a lot of personal financial information that could be used in a way not detailed in the proposal.

Credit unions could also suffer due to privacy issues for their members.

Another similar bill has also been backed by CUNA that was introduced by Rep. Ashley Hinson this month.

Related: Consumers may have bank transactions over $600 reported to the IRS, CUNA says it’s a risky move

Credit unions are urged to write to Capitol Hill and already 600,000 messages have been sent.

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