Annapolis, MD, Oct. 06, 2021 (GLOBE NEWSWIRE) —
The Maryland Bankers Association (MBA) and its members are voicing concerns over a new initiative which is included in the Biden Administration’s Families Plan. The proposal would require edges and financial institutions to report to the IRS money deposited, transferred, in cash or other method, to foreign accounts and accounts with the same owner. The proposal would include business and personal accounts with balances of $600 or higher, including loans and investment accounts.
President and CEO, Ramon Looby noted, “This proposal would create a dragnet, collecting the financial information of most Americans and requiring meaningful resources to build, police, and continue. This would greatly impact the Maryland banking industry.”
The MBA is joining forces with The Independent Community Bankers of America (ICBA) and American Bankers Association (ABA) to advocate against this initiative. In addition, the MBA is encouraging customers and employees to act and join grassroot campaign efforts against this new proposal.
Ramon Looby is also a member of the ICBA’s Minority Bank Advisory Council, a coalition of minority depository institutions (MDI’S) which plays a basic role in creating inclusive wealth. The ICBA’s Minority Bank Advisory Council strongly opposes this new requirement. They fear this detailed new information, sent to the IRS, on financial account transactions would profile customers, produced distrust, and further distance people from the banking industry. According to recent polling by Morning Consult, more than 64 percent of adults do not trust the IRS monitoring their place and withdrawal information.
established in 1896, the Maryland Bankers Association (MBA) is the only Maryland-based trade group representing edges in the state. MBA’s member edges use about 28,000 banking professionals in nearly 1,400 branch offices across the state.
CONTACT: Mindy Lehman, Senior Vice President and Chief Advocacy Officer 443-837-1613 / [email protected]
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