As you are no doubt aware, policymakers in Washington are pushing a proposal to impose new IRS reporting mandates on all consumer and business bank accounts. This reporting would require your bank to report all transactions $600 or greater to the IRS regardless of account holder consent and their tax liability. ICBSD and ICBA vigorously oppose this proposal and, in an effort to counter this plan, I am sharing details of the new grassroots advocacy campaign ICBA recently launched that encourages community banks – and their customers – to weigh in directly with their members of Congress and voice their opposition.
In response to this proposal, I am sharing with you a complimentary resource available to you as bankers and your customers. I urge you to join this grassroots effort by sending notice of this resource to your colleagues and customers. This resource is a customizable letter that can be sent on your behalf to your members of congress opposing this proposal. Simply go to the link below, sign your name and the letter will be sent to your members of congress based on your zip code.
Customizable resource: https://www.icba.org/bank-locally/consumer-alert-from-icba.
We have had a strong response so far from both community bankers and their customers. We hope, with your assistance, to reach an even larger audience.
Thank you in advance for your efforts and support!
President & CEO