Thank you, MBA Members; IRS Reporting Provision Abandoned in New Build Back Better Plan

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MBA members successfully remove IRS provision from the Build Back Better Plan.

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We are pleased that Maryland banks can now continue to support initiatives that expand banking services to the underserved without qualification.

As previously reported by MBA, the latest draft of the Biden administration’s Build Back Better plan does not include an MBA-opposed provision that would require financial institutions to report information on gross inflows and outflows on all customer accounts above a certain de minimus level. MBA and our members were abundantly active in advocating for the removal of this measure through grassroots and government relations efforts in partnership with our national bank associations.

“Our members, especially those in minority and underserved communities, sent a clear message to state and federal legislators that this onerous, invasive, and indiscriminate IRS reporting rule would harm Americans in Maryland and beyond,” said Ramon Looby, president and CEO of the MBA and member of the ICBA’s Minority Bank Advisory Council. “This proposed rule would have created a dragnet - collecting the financial information of most Americans and requiring significant resources to build, police, and maintain. Worse, it would have discouraged those without traditional bank accounts, people who are often wary of disclosing personal information to the IRS, from opening them. Those without bank accounts are vulnerable to predatory lending, a practice that disproportionately affects minority and underserved communities. We are pleased that Maryland banks can now continue to support initiatives that expand banking services to the underserved without qualification.”

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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