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.