10/18/2021: Oppose Legislation that Reduces Financial Privacy

As a community bank that values the privacy and security of our customers (and their financial information and data), we must speak out about the proposed legislation regarding financial reporting that is embedded in the American Families Plan (commonly known as the $3.5 trillion infrastructure or reconciliation bill) being considered by Congress.

Simply put, the current proposal would require financial institutions including Mars Bank to report to the IRS inflows and outflows over $600—from every customer account. Every personal and business bank account. 

This legislation raises serious questions about our customers’ right to privacy and could challenge the public’s trust in banks overall.

The American Bankers Association (ABA) and many other trade organizations are taking the lead in opposing this provision. The ABA set up more information about the issue here: https://www.aba.com/banking-topics/operations/taxes/tax-information-reporting-proposal/.

 ABOUT TAKE ACTION ISSUES TIPS & TOOLS HIGHLIGHTS Contact Congress Now: Oppose New IRS Reporting Requirements <iframe src="https://www.googletagmanager.com/ns.html?id=GTM-W72JMC7" height="0" width="0" style="display:none;visibility:hidden"></iframe> Skip to Main Content Contact Congress Now : Oppose New IRS Reporting Requirements The Biden Administration is proposing a sweeping expansion of tax information reporting aimed at raising revenue to help offset the cost of additional spending programs in the American Families Plan.   Congress is poised to vote on inclusion of that proposal in the budget reconciliation package in the next few days.    The proposal, if enacted, would require banks to report to the IRS detailed information on customer account inflows and outflows.   These new reporting requirements raise serious questions about Americans’ right to privacy and will raise the cost of tax preparation for individuals and small businesses.    Contact your lawmakers today and express your opposition to this new, unnecessarily broad IRS reporting proposal. Act now! You have already participated in this campaign. Thank you for taking action! Back to Previous Page Federal, state, and municipal contact data is powered by KnowWho, LLC, a Phone2Action company <img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=2098089533833523&ev=PageView&noscript=1"> <img src="https://ib.adnxs.com/pixie?pi=ec24bbb9-38d8-4f8b-8743-819f79fc435a&e=PageView&script=0" width="1" height="1" style="display:none">

The American Bankers Association set up a simple way to contact your federal representatives.

Also, the ABA created a simple way for individuals to contact their federal legislators about this issue: https://secureamericanopportunity.com/take-action/oppose-new-irs-reporting-requirements-take-action/

We encourage every individual to oppose this invasion of financial privacy and potential erosion of trust in our private banking system.

We urge you to use the ABA’s letter to contact your federal representatives to oppose the provision in the legislation. Here’s how:

  1. Click the link: https://secureamericanopportunity.com/take-action/oppose-new-irs-reporting-requirements-take-action/
  2. Enter your name and address (the website locates your particular congressman and senators).
  3. Read the letter provided – you may edit or add to the letter.
  4. Click “Submit” and the website will send your letter to your federal representatives.
  5. The website provides links to share this information on your social media pages.

If you have questions regarding the legislation or what it may mean for your bank accounts and the privacy of your financial information, contact us using our secure form.

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