Little Rock Federal Credit Union

05/15/2023

08/01/2022

Time for Back to School Loans!

10/31/2021

It’s that time of year!!!

10/08/2021

We will be closed Monday October 11, 2021 in observance of Columbus day, but if you need a jet ski, we can make it happen! Just let me know!

09/29/2021

We've got a jet ski with special financing! 2019 90 hp Sea Doo. Give me a call if you are ready to hit the lake! Still plenty of time this year to enjoy it!

09/16/2021

French Hill
2nd District, Arkansas
September 16, 2021

Dear Ms. Dodson:

Thank you for contacting me regarding the potential for Internal Revenue Service (IRS) provisions within the Biden Administration's budget proposal. I appreciate hearing from you and having the opportunity to respond.

I have heard from many central Arkansans expressing concern about the proposed IRS reporting requirement. This measure is being considered as a source of revenue in the Biden Administration's proposed $3.5 trillion tax-and-spending legislation that Democrats are currently drafting. If passed, this would result in banks having to report transaction data for any account with at least $600 of inflows or outflows annually.

I share your concerns about privacy and data security of the IRS monitoring the personal finances of Americans. That is why I signed onto a letter led by my friend, Rep. Tom Emmer (R-MN) to Speaker Pelosi and the Biden Administration urging them not to infringe of the privacy rights of millions of Americans. I also believe the reporting requirement is redundant with current reports and would be too broad and have unintended consequences like pushing households out of the banking system.

Additionally, the $3.5 trillion budget reconciliation measure, if passed, will potentially add trillions of dollars to what Democrats have already passed through Congress since Joe Biden became president. There is no doubt this debt will be saddle our children and grandchildren for generations. We are already seeing the inflationary effects of this reckless spending on everyday household items from groceries to gas prices, and American families are paying the price.

While I continue to review this proposal and the impacts on our national debt and Americans' banking privacy, I will keep your thoughts in mind.

Thank you again for contacting my office. It is an honor to serve you in Congress.

Sincerely,
French Hill
Member of Congress

09/15/2021

As previously reported, congressional policymakers are eyeing unconventional sources of revenue to fund their infrastructure plans. One proposal under consideration would require credit unions and other financial institutions to report to the Internal Revenue Service how much money has gone into and out of accounts holding more than $600.

Texas has generated more than 11,000 of the 140,000 responses that had been received as of yesterday, behind only Michigan and California in generating grassroots support.

Arkansas, Oklahoma, and Texas: We need YOUR help to keep this from becoming law.

In addition to representing a significant new compliance burden for credit unions, this proposal would put credit unions in the position of perpetrating an unprecedented invasion of privacy. While financial institutions report taxable activity on the IRS Form 1099-INT, this proposal would have depositories reporting nontaxable activity, including the gross amount flowing into and out of accounts. They plan to use this information to try to identify unreported taxable income.

Cornerstone League has significant concerns regarding the government’s ability to keep this information safe, especially considering that some of the systems the IRS uses for data storage are more than three decades old.

Tell your U.S. representatives to oppose this provision.

Please share this message with your staff, your credit union members, and others because this issue directly impacts their day-to-day activities and privacy. You can access talking points and other tools via the Member Activation Program (MAP) community.

Please join us and take action now.

https://www.cuna.org/advocacy/actions/grassroot-action-center.html?vvsrc=%2fcampaigns%2f87852%2frespond&utm_source=ActiveCampaign&utm_medium=email&utm_content=We+Need+Your+Help+to+Prevent+Burdensome+IRS+Reporting%21&utm_campaign=Action+Alert%3A+IRS+Tax+Provisions+09+08+21&utm_source=ActiveCampaign&utm_medium=email&utm_content=Caroline+s+Corner%3A+We+Need+Your+Help+to+Prevent+Burdensome+IRS+Reporting&utm_campaign=Caroline+s+Corner+09+15+21