Biden Administration is proposing requiring banks to report virtually all their customers’ bank account information and activity to the IRS regardless of the customers’ consent

Consumer Alert

Washington proposes new bank reporting of all personal and business financial account info to the Internal Revenue Service (IRS). Let Congress know your privacy matters.

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.

Consumers Express
Opposition

Morning Consult-ICBA polling found:
67% of voters oppose IRS proposal
64% don’t trust IRS to monitor financial info
54% don’t trust IRS to keep financial data safe

Resources to Help Fight Back

Talking Points

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 a sea 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."

SOURCE