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            • SPC Credit Union - Message from Linda Weatherford

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              September 14, 2021
               
              Important Message from Linda Weatherford, President/CEO
              Protecting member financial privacy has always been a top priority of SPC Credit Union. Our members are our greatest asset, and we take the responsibility of serving and protecting very seriously. As a commitment to keep you informed of matters that could directly impact you and your families, I want to inform you of a proposal under consideration by Congress as a part of the new infrastructure spending (also known as the American Families Plan) seeking to find unconventional sources of revenue to fund their plans. One proposal under consideration would require credit unions and other financial institutions to report to the IRS (Internal Revenue Service) how much money has gone into and out of accounts holding more than $600. They plan to use the data collected to try to identify unreported taxable income.Under the proposed plan, SPC Credit Union would be required to report this information on every account to the IRS. The new reporting requirements will create unnecessary and expensive burdens for all financial institutions and raise the costs of tax preparations for small businesses, but most importantly, they raise questions about our members? right to privacy. The proposed legislation would be in opposition to current federal and state laws designed to protect our relationships and the privacy of consumers. In addition, we have significant concerns regarding the government?s ability to keep this information safe, because some of the systems the IRS uses for data storage are more than three decades old. We need your help! Join with us by contacting our representatives to make your voice heard. You can contact them directly using a pre-drafted message through our national grassroots action center by clicking HERE. SPC Credit Union values your membership, your business, and your privacy. We will continue to work hard to keep Members First. Always. Sincerely, Linda Weatherford, President/CEO
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              843.332.4506, spccu.org, compassion. connection. community. SPC Credit Union.
              Equal Housing Opportunity Lender, Insured by the NCUA
              Contact:
              Hanna Caddell
              hanna.caddell@spccu.org, (843) 332-4506