IRS Reporting Update – Thank you for speaking up

Thank you for supporting our grassroots campaign and doing your part to help ensure that credit union members’ voices were heard by Congress.

As you may already know, on November 19, the U.S. House of Representatives passed HR 5376, the Build Back Better Act.  We are pleased to share that the final version of the bill did not include the controversial IRS reporting provision, which credit unions opposed over data security and privacy concerns.  

The exclusion of the provision was in large part due to the outpouring of concern from members like you, who responded to our action alert and sent messages to your elected officials.  More than 7,100 Coastal members took action, generating more than 21,000 emails to our representatives in Washington. As a result, several members of our Congressional delegation signed on to letters to oppose the provision, and ultimately succeeded in getting it removed from the bill.  

We are now keeping a watchful eye as the legislation is considered by the Senate. The bill faces an uncertain future there, but some Senators have indicated that they may attempt to re-insert the provision. For now, we’re remaining cautiously optimistic, and will re-engage our members if needed.

Thank you again for responding to the call to action, and demonstrating that everyday citizens can, in fact, still have a voice in how laws are made.

Sincerely,

Chuck Purvis
President & CEO