ICBA has for months strongly objected to a Washington proposal that would require financial institutions to report information on customer bank accounts to the IRS, which Congress could soon pass with a simple majority vote.

If community bankers weren’t busy enough continuing their heroic economic response to the pandemic, a recent proposal to impose new IRS reporting mandates on customer bank accounts has become a major advocacy priority.

With Labor Day behind us and summer coming to its unofficial end, now is a good time to reflect on what the community banking industry has achieved so far this year in the advocacy arena—and what remains to be done this fall. Fortunately for the local communities we serve, community banks have followed the historic successes of 2018 with many notable policy victories.

ICBA has been working with policymakers to ensure the new Subchapter S tax deduction is workable for community banks. Main Street Matters sat down with ICBA’s Alan Keller, first vice president of legislative policy, and Steve Keen, vice president of congressional relations, to check in on the issue.

To give community bankers the lay of the land on the fast-paced and fluctuating tax reform debate, ICBA released a new informational brief with the latest details.