IRS proposal tweaks don’t stop pushback

While policymakers are looking to narrow the ICBA-opposed IRS reporting proposal, ICBA is continuing its campaign urging consumers to speak out against the plan.

Threshold: To narrow its implementation, House Ways and Means Committee Chairman Richard Neal (D-Mass.) last week said lawmakers are planning to raise the $600 de minimis threshold on their proposal to require banks to report customer account information to the IRS.

Response: In a national news release, ICBA President and CEO Rebeca Romero Rainey said adjusting the reporting threshold or making other tweaks will not salvage the plan, which ICBA, community bankers, and consumers will continue to oppose.

Campaign: ICBA is calling on community bankers to use its customizable email and social media content to urge consumers to contact Congress in opposition to the plan, which an ICBA poll found 67% of voters oppose.

Call Alert: In addition to the consumer campaign—which has resulted in more than 400,000 consumer messages to lawmakers—community bankers can call their lawmakers using an ICBA call alert and customizable script on the proposal.

Press: Meanwhile, pushback continues in the press. Mississippi Bankers Association President and CEO Gordon Fellows published a Mississippi Business Journal op-ed on the proposal’s privacy concerns, while ICBA’s Paul Merski told S&P Global that it would harm the bank-customer dynamic.

More: A recent blog post from ICBA President and CEO Rebeca Romero Rainey details ICBA’s consumer-facing campaign against the proposal.