ICBA minority bank council opposes IRS reporting plan

ICBA’s Minority Bank Advisory Council today is expressing strong opposition to the Biden administration’s proposal to require banks to report customer account information to the IRS.

Letter: In a letter going to congressional leaders today, the coalition of minority depository institutions warns that the plan conflicts with the goal of bringing unbanked Americans into the banking system.

Background: The administration’s fiscal 2022 budget proposal would require banks and other financial institutions to report to the IRS on the deposits and withdrawals of all business and personal accounts with a balance of more than $600.

More: ICBA recently delivered a fact sheet to Congress detailing consumer and small-business opposition to the plan.

Grassroots: ICBA continues calling on community bankers to use its Be Heard grassroots action center to urge their members of Congress to oppose the plan.