Grassroots Resources for Bankers
October 2021 - Proposed IRS Reporting Legislation

Internal Links Bruce Whitehurst Matt Bruning Chandler Owdom

Bankers, below are several sample resources for your bank’s use in educating customers about the troublesome proposal that, if enacted, would require banks to report to the IRS detailed information on the inflows and outflows of every customer account above $600.

  • Take Action Now – Tell lawmakers this provision, regardless of the de minimis threshold, would invade the financial privacy of most Americans, undermine public trust in banks, and hinder progress toward promoting financial inclusion
  • Download sample language for a customer communication here.
  • Download an op ed template here.
    • Banks can also customize this as a guest column and/or customer communication.
  • Download the ABA's Background and Talking Points on this issue here.
  • Read the VBAs op ed that was sent to media contacts on October 4th here.
  • Read the September 24th letter from VBA, ABA, and other state banking associations to every member of the House of Representatives urging them not to include such a provision in the bill, regardless of the reporting threshold, here.
  • Read the October 6th Fox Business article, Local Banks Seek to Sink IRS Personal Account Snooping Plan by Rallying Customers, here.
  • Read the October 27th letter to House leaders, signed onto by Reps Luira and Wexton, opposing this proposal here.
  • Sample social media post instructions:
    • Download this image and upload it to a new social media post. Social Media Image
    • Copy/paste your selected language into the post:  

      • Option 1:
        Attention customers: Congress is considering a plan to require financial institutions to report detailed information on customer bank accounts to the IRS, raising serious questions about your right to privacy. Tell Congress you oppose this plan: 

      • Option 2: (note – not for use on Twitter – exceeds character limit):
        While we typically do not raise issues occurring in Washington with our customers, Congress is considering requiring financial institutions to report detailed information on customer bank accounts to the IRS. This raises serious questions about your right to privacy. We encourage you to contact your member of Congress and let them know you oppose this proposal:

  • See what other VA banks are doing on social media below: