We want to inform you about legislation currently being considered that would negatively impact you – our members – and to ask for your help in fighting it.
WHAT IS HAPPENING
The infrastructure bill being debated in the United States Congress contains a proposal that would require financial institutions, including Advancial, to report to the Internal Revenue Service (IRS) the amount of money that flows through accounts holding more than $600.
HOW THIS IMPACTS YOU
Personal privacy –
this proposal would violate your privacy by forcing Advancial to provide the government with extensive, detailed data about nearly all of your financial transactions.
Extraordinary regulatory burden creates added costs –
Advancial is a not-for-profit cooperative and it would be very costly for us to comply with this burdensome regulation. Higher costs for us mean we would have to raise loan rates and fees and lower our dividend rates in order to pay for this compliance, providing much less value to our members.
More unbanked Americans –
such regulation would promote mistrust and dissuade Americans from using safe and sound financial institutions like Advancial. Initiatives to promote financial inclusion for underserved and low-income population segments would be set back decades.
HOW YOU CAN HELP
Please consider lending your voice to this important effort and use this link to the Grassroots Action Center
for the Credit Union National Association(cuna.org) to notify your Representatives in Washington, D.C. that you oppose this new legislation. The form will automatically find your representatives based on your address. In only a few clicks, you can help fight this legislation.