Congress will consider a proposal that would require banks to report detailed information to the IRS about inflows and outflows above $600

9/21/2021- 7:04 p.m.

In the coming days, Congress will consider a proposal that would require banks to report detailed information to the IRS about inflows and outflows above $600 for every customer account.

Banking associations across the country are opposed to the proposed legislation and Traditional Bank shares their concerns.

We feel the proposal raises serious questions about your right to privacy, is costly for all parties, does not fit the intended purpose, and is loaded with potential for unintended consequences.

If you oppose such a proposal, we encourage you to contact your lawmakers at this link provided by the American Bankers Association:

aba.social/ContactCongress Read the full letter from the coalition representing over 40 Banking and Business associations here: http://bit.ly/3tXR15Y Member FDIC