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Trades Want Treasury to Back Off 'Burdensome' New Accounting Proposal

The proposal could require credit unions to report gross inflows and outflows of all accounts.

U.S. Treasury Department building in Washington, D.C. U.S. Treasury Department building in Washington, D.C. (Source: dashingstock/Shutterstock)

Concerned about personal data collection, unreasonably burdensome reporting requirements and a poor record of data security by the IRS, numerous trade organizations jointly sent a letter to lawmakers to oppose a proposal by the Treasury Department that would require financial institutions to report gross inflows and outflows of all business and personal accounts.

CUNA, NAFCU and nearly 40 other organizations sent a letter on Wednesday asking congressional leaders for help with this new proposal by Treasury.

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Michael Ogden

Michael Ogden

Editor-in-Chief for CU Times.

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