Locations & Hours Contact Us Resource Center Online Banking BANKING BORROWING MANAGE ABOUT US News Infrastructure Package As negotiations around the $3.5 trillion infrastructure package heat up, the White House has proposed a new IRS reporting provision that requires financial institutions to report additional detailed account holder information. Specifically, language remains in place that would require credit unions and other financial institutions to report to the IRS all business and personal account deposits and withdrawals with a balance of more than $600. It should be noted that the $600 minimums exemption is deliberately set so low in order to require financial information from nearly every account held in American depository institutions. Citizens Federal Credit Union does not support this additional reporting requirement. This would dramatically increase the regulatory burden for credit unions, undermine the privacy of consumers, and trigger significant data security concerns. All financial institutions currently report to the IRS information related to actual taxable events for members and customers, interest earned or mortgage interest paid, for example. This new proposal would result in banks and credit unions turning over to the IRS sensitive account details that do not constitute taxable events. This would leave the IRS with a massive trove of personal financial data that would be used in a manner that is not detailed in the proposal and leaves the data vulnerable to a cyber-attack. August 11 Update: Bid to strike IRS reporting requirement for FIs from Senate budget resolution falls short Citizens Federal Credit Union is an active member of NAFCU and CUNA. RECENT NEWS Infrastructure Package Fraud Check Warning! Direct Deposit Checking Coronavirus Update We're Expanding! View All News CONTACT US FM 700, Big Spring Tel: 432-267-6373 Fax: 432-268-6120 Loop 250, Midland Tel: 432-686-1200 Fax: 432-686-1212 W Wall Street, Midland Tel: 1-800-248-2328 Fax: 432-686-1272 Voice Response: Tel: 432-263-0190 Tel: 1-800-442-2328 Lubbock, TX Tel: 806-993-7007 Abilene, TX Tel: 325-232-7644 ©2021 Citizens Federal Credit Union Privacy Policy | Disclosures & Policies Routing Number: 311390140 Powered by SmartSource Solutions, LLC APR = Annual Percentage Rate APY = Annual Percentage Yield