Bank Locally Consumer Alert 2

Consumer Alert

Washington proposes new bank reporting of all personal and business financial account info to Internal Revenue Service (IRS).

Take Action Now

Be Heard Now

Contact Congress Now

Policymakers in Washington have proposed requiring banks to report virtually all their customers’ bank account information and activity to the IRS regardless of the customers’ consent.

While community banks do not endorse such broad IRS access to their customers’ account information, consumers need to be aware of the potential effects of this proposal.

Mandating new, broad bank account reporting to the IRS would infringe on the privacy of bank customers, push more people away from a banking relationship and overload the IRS with more personal information about American citizens than it can possibly process or keep safe from a data hack.

To be heard in Washington before this bank IRS reporting regime is enacted, you can send the following customizable message directly to your members of Congress and ensure your voice is heard.

Consumer  Advocates Say

Consumer groups are speaking out against the broad, untargeted nature of the bank IRS reporting regime proposal.

"In practice, the IRS’s task would be daunting and, in fact, bury the agency in asea of unproductive information."

-Steven Rosenthal of the Urban Institute and Brookings Institution’s Tax Policy Center

"They are collecting information about everybody, and I don’t know why it is necessary to collect information about everybody."

Ed Mierzwinski of U.S. Public Interest Research Group