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Last updated: Sept. 14, 2021
As your trusted community bank, we’re committed to advocating for our customers and keeping you informed on concerning public policy developments that would expose your financial privacy.
The current administration has proposed requiring all banks to report to the IRS on all deposits and withdrawals through business and personal accounts worth more than $600 regardless of tax liability.
This indiscriminate reporting could soon be enacted in Congress and will cause an unacceptable invasion of privacy by forcing banks to report virtually all of their customers’ bank account activity and information to the IRS.
Please join us and many community banks around the country by telling Congress to block this reporting mandate. Take action now by visiting: https://www.icba.org/bank-locally/consumer-alert-from-icba.
Additional Resources
ICBA Fact Sheet
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