ICBA Statement on IRS Bank Reporting Proposal

Washington, D.C. (Oct. 28, 2021) — Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on today’s budget reconciliation framework.

“ICBA and the nation’s community banks applaud the exclusion of the widely opposed IRS bank reporting proposal from today’s budget reconciliation framework. We will continue to vocally oppose the policy as negotiations proceed.

“The omission of the IRS plan from the Biden administration budget proposal is evidence of the impact community banks and consumers nationwide are having on the debate via ICBA’s months-long #KeepMyBankingPrivate campaign.

“Keeping the IRS plan out of the reconciliation package will avoid privacy, due process, and data security concerns that have prompted hundreds of thousands of consumer messages to policymakers in opposition. ICBA will continue working with policymakers to ensure this widely opposed policy is fully and completely withdrawn.”

About ICBA
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. ICBA is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and high-quality products and services.

With nearly 50,000 locations nationwide, community banks constitute 99 percent of all banks, employ more than 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5.8 trillion in assets, over $4.8 trillion in deposits, and more than $3.5 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.

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