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Please avoid calls to Smart Financial asking about federal payment delays. This page contains all of the information we have on federal payments affected by the potential government shutdown.

Federal payments are safe until December 3 after a short term appropriations bill passed in Congress.

We have been addressing concerns surrounding a potential government shutdown and what this means for members. There is a lot of uncertainty in Washington, but we will be following the situation closely so we can report critical changes as they occur.

Here is what we know as of now...
In a government shutdown, Social Security, child tax credit payments, food stamps, and other federally funded payments would be delayed. A government shutdown has been circumvented until December 3.

September 27: The deadline passed for the House to act on a bipartisan infrastructure deal.

September 30: The Senate and House both passed a short-term appropriations bill that will keep the government running through December 3. The U.S. will avoid a lapse in funding once President Joe Biden signs it into law. Read about a proposal within the Infrastructure Bill that would negatively affect you and how to oppose it.

October 18: Lawmakers still need to raise or suspend the debt ceiling before this date to prevent a possible default on U.S. debt that would result in job losses, economic damage, and a drop in the stock market. Failure to resolve these issues could lead to delayed federal payments, including Social Security checks and monthly child tax credit payments. We will keep you updated as these events unfold.

Proposed regulation would negatively affect US financial institutions if passed in Congress.

We believe it is our role as your Credit Union to inform members of the facts related to public policy requiring the disclosure of your personal financial information to any government agency or entity.

There is one proposed regulation buried in the $3.1 trillion infrastructure bill that could negatively affect every American financial institution. If passed in Congress, all financial institutions, Smart Financial included, will be forced to comply.

What is the proposal?
The proposal will require all credit unions and other financial institutions to report annually to the IRS all deposits and withdrawals greater than $600 on personal accounts. Currently, we only report taxable events. It needs to stay this way!

Why is this concerning?
The proposed level of reporting to the IRS is an invasion of your financial privacy and unnecessarily exposes your private transaction information. Additionally, the provision will give the IRS an unprecedented amount of financial data that could become vulnerable to cyber-attacks.

What can you do?
Let your voice be heard. Oppose this problematic provision within the $3.1 trillion spending bill set to go before Congress in coming days. Remember that the new reporting requirement does NOT benefit you in the way that it claims to do.

Visit NAFCU Grassroots Action Center to oppose the new reporting requirement by emailing your US Senate and House of Representatives on behalf of Smart Financial Credit Union.