IRS reporting press push continues

The community banking industry continued its media push against the IRS bank reporting proposal, which remains a threat even after it was recently left out of the framework guiding Democratic discussions.

Op-ed: In the Biloxi [Miss.] Sun Herald, Mississippi Bankers Association President and CEO Gordon Fellows said proposed tweaks to the plan will not ease community banker opposition.

Ongoing Efforts: Reuters reported last week that Treasury and Sens. Tom Carper (D-Del.), Angus King (I-Maine), and Mark Warner (D-Va.) are pressing to include the plan in the Senate’s version of the reconciliation bill—illustrating its continued threat.

IRS Grassroots: Community bankers can continue calling their members of Congress and rallying consumers in opposition to the proposal.

Tax Hikes: Meanwhile, ICBA continues encouraging community bankers to use its Be Heard resource center to speak out against numerous tax increases included in the budget reconciliation bill’s draft framework.