Take Action Now: Protect Your Personal Data
UPDATE as of 9/24/2021:
While we know this issue is politically ignited, we are not opposing it for political reasoning. As a local financial institution, we oppose the proposed bill for the following reasons:
- Security
- We invest in systems, technology and take cyber security very seriously. The IRS has not yet addressed how they will uphold the same standards. The IRS could be vulnerable to not only individual hackers but global attacks that would impact
the financial records of our entire country. - Privacy
- While we agree on the fight against tax evasion, we do not agree with the methods that are being proposed. We believe there is a better way that doesn’t involve housing full financial records for all U.S. residents. - Cost
- A proposal like this does not come without considering the time, human resources and financial burden that will come along with it. This takes away from putting our resources into other items that are more positively impactful for our
membership and local community.
9/23/2021
We feel there is an urgent matter pending in Congress that needs all of our attention.
Because we care about you, your finances, and your account(s) with Prospera, we want you to know the facts, especially when it relates to concerning developments around public policy that expose your financial privacy.
The Biden administration has proposed requiring all credit unions, community banks, and other financial institutions to report to the IRS on ALL deposits and withdrawals through business and personal accounts regardless of tax liability. This indiscriminate, financial institution account reporting to the IRS can soon be enacted in Congress and will create an unacceptable invasion of privacy for our members. So, how does this affect you? If passed, the proposal would require financial institutions, like ours, to report the inflows (deposits) and outflows (withdrawals) of $600 or more, on personal and business accounts to the IRS regardless of members’ consent.
We work for our members and our community. We encourage you to join us IMMEDIATELY in telling Congress that proposed IRS financial institution account profiling is indiscriminate and intrusive for our members. #KeepMyBankPrivate