We care about you, your finances, and your account with our community bank, so we want to let you know about a concerning proposal taking shape in Washington. If passed, the proposal would require financial institutions like ours to report the inflows and outflows on personal and business accounts to the IRS.
Recent Independent Community Bankers of America polling conducted by Morning Consult found that 67 percent of voters oppose the proposal, which would be an excessive government intrusion that could hurt small businesses by double-taxing their income.
If you want to make your voice heard by policymakers or learn more about this proposal, visit banklocally.org/privacy. We value your business and privacy and want to make sure you have all the information you need regarding your finances and your money.
Please let us know if you have any questions. We look forward to continuing to serve you and our community.