Dear Valued Member,

As you may already be aware, the Biden Administration is currently proposing all credit unions and banks report additional member information to the IRS beginning in 2023. This proposal establishes new and burdensome requirements on our credit union that will require us to report any and all transactions in an amount that would ultimately ensure everyone’s account information is transmitted, scanned, and tracked, regardless of your taxpayer status or individual tax liability. This proposal would be an invasion of your privacy and would be enacted without your consent.

We believe this to be an alarming expansion of the existing reporting requirement that would unnecessarily capture a much wider range of your personal and private information on all financial member accounts, such as checking and savings accounts, loans, deposit investments, and fiduciary accounts. This proposal would also raise significant questions of your right to expect privacy and data security along with adding unknown IRS scrutiny of your individual financial information.

Our member relationships are built on trust, integrity, and your privacy. This initiative is a direct assault on that relationship and your rights. We are opposed to this pending legislation and have joined other financial institutions across Ohio and our nation in contacting our members of Congress to express our specific concerns and our disagreement. 

We do ask that you would please join us in this reasonable opposition and contact your U. S. Representative and Senators to help us defeat this proposal. Click here to download a template letter. 

Thank you for your time and consideration.

Shayne R. Poe, CEO
Homeland Credit Union, Inc.