September 21, 2021 - As Congress considers new infrastructure spending, lawmakers are exploring unconventional sources of revenue to fund plans.
One proposal under consideration affects our members—it would require that Pelican State Credit Union (along with other financial institutions) report to the Internal Revenue Service (IRS) how much money has gone into and out of accounts with more than $600 in them.
We value your privacy and the security of your data, and this proposal could directly affect you:
- This possible unprecedented access to your finances violates your personal privacy by forcing Pelican, along with other credit unions and banks, to provide the government with information that does not reflect taxable activity.
- The IRS would be collecting more personal financial data than is needed, making more consumer data vulnerable to cyber-attacks.