Last week the House passed the Build Back Better Reconciliation bill. This version of the bill did not include the Administration’s original proposal to require financial institutions to turn over consumer account data to the Internal Revenue Service (IRS). The language was removed from the bill after 21 House Democrats wrote a “Dear Colleague” letter opposing the provision in late October. This would not have been possible without your help in sending over 800,000 messages calling on lawmakers to oppose this controversial provision.
Unfortunately, the fight is not over. As the bill heads to the Senate, there are a few Senators who are debating whether to add this provision back into the legislation. Credit union advocacy kept this policy out of the House bill and now we need to make sure the Senate does the same.
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