House Democrat expresses IRS reporting concerns

Rep. Charlie Crist (D-Fla.) became the first Democratic member of Congress to publicly express concerns with the ICBA-opposed IRS reporting proposal.

Crist: In a statement, Crist said allowing the IRS to “data mine checking accounts” raises privacy red flags. However, Crist said he would not support “any IRS account reporting requirements that go after the middle class and working families,” which could provide wiggle room if the proposal is further revised.

Opposition: Crist’s statement—which came on the same day as a letter of opposition to Treasury Secretary Janet Yellen from 202 House Republicans—reflects the broad and bipartisan opposition among voters revealed by ICBA polling.

Tweaks: Following proposals from lawmakers to tweak the IRS reporting plan to quell public opposition, ICBA this week said no amount of updating will salvage the IRS measure.

Call Alert: ICBA continues urging community bankers to use its call alert and customizable script to speak out against the proposal and clarify that updating the plan will not quiet their opposition.

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