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 banks and financial institutions to report to the IRS money deposited, transferred, in cash or other means, 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 significant resources to build, police, and maintain. 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 critical role in creating inclusive prosperity. 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, created 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 deposit and withdrawal information.
Founded in 1896, the Maryland Bankers Association (MBA) is the only Maryland-based trade group representing banks in the state. MBA's member banks employ about 28,000 banking professionals in nearly 1,400 branch offices across the state.
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