State AGs join opposition to IRS reporting plan

Attorneys general from 20 states expressed opposition to the Biden administration’s proposal to require banks to report customer information to the IRS.

State AGs: In a joint letter, the officials said the proposal would violate consumer privacy, excessively burden financial institutions, and collect more information than the IRS could process.

Latest from ICBA: ICBA and groups such as the National Association of Realtors and U.S. Chamber of Commerce last week delivered a joint letter and supporting document to Congress dismissing efforts to modify the IRS proposal response to widespread opposition.

Call Alert: ICBA is urging community bankers to speak out against the proposal by calling their lawmakers using an ICBA call alert and customizable script.

ICBA Campaign: Community bankers can also continue using customizable email and social media content to urge consumers to contact Congress in opposition.