Despite efforts from Treasury Secretary Janet Yellen to defend a proposal that would require the IRS to track transactions valued at $600 or more, many local banks across the country and banking associations are speaking out against the proposed actions.
The proposal, published within President Biden’s $3.5 trillion spending bill, would require banks to report data from accounts with at least $600 in them, or at least $600 worth of aggregated transactions.
Many local baks across the country are calling the proposal “intrusive,” warning that it would create an unnecessary burden for banks.
“We work for our customers and our community, not the IRS. Join us in telling Congress that proposed IRS bank account profiling is intrusive and indiscriminate for our customers,” wrote the Oklahoma-based FNB Community Bank in an Aug. 31 Facebook post that was shared over 73,000 times.