Jim Reuter, chief executive of FirstBank near Denver, said concerns about potential provisions have often risen, including a coffee with a small-business owner in early October.
“Their result is, ‘I pay my taxes, so why would you send additional information to the IRS?'” Mr Reuters recalled. “I said I agree with them. We’re in the trust business. And it goes without saying that customer information is sent somewhere without consent – as a bank we don’t do that.”
Critics of the proposal have said that the IRS is not actually equipped to process and secure such vast amounts of data to catch fraudsters.
“Let me tell you about the proposal that the IRS has been made to expand the amount of information it receives on personal bank accounts I’ve been asked at parks, grocery stores, convenience stores around the district. Republican Representative Trey Hollingsworth of Indiana told Ms Yellen at a congressional hearing last month. “This leaves people deeply afraid of the emergence of a tool that can be used against them.”
J.P. Freire, spokesman for Texas Representative Kevin Brady, the top Republican on the House Ways and Means Committee, said Texans were “intimidated” by the IRS and that their boss was questioning at least three or four constituents about the proposed disclosures. . per week.
Ms Castilla, a community banker in Oklahoma, said a local schoolteacher stopped by her office two weeks ago to share her concerns about the government’s idea of putting in her financial records. Ms Castilla recalled that she told the teacher she thought the proposal was an overstatement, adding that the banking union and the Congressional delegation from Oklahoma were fighting for it.
Even if the dollar limit was raised to $10,000, Ms Castilla said, it would still be hard for her bank. “This will require massive infrastructure,” she said.