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Photo: Instagram/Joe Biden

Money has always been a highly contentious issue everywhere in the world especially so in America which is the epitome of capitalism even today. When things are bad and there is very little money around and a hugely indiscriminate number of people chasing it things soon get nasty and violent. The global economy has been down for the longest time and America is getting the worst of it like several other powerful countries. So every financial decision taken by any institution at any level is scrutinized with a microscope because in a connected economy even the smallest of decisions have a far-reaching effect on many things. So when the Joe Biden administration announced their new decision regarding some banking regulations that will affect almost all Americans including the general public people have sat up and are examining this decision closely. It regards all banks but the FNB Community Bank has spoken out strongly and Biden has made a decision that if implemented will affect the financial life of the average American regularly. So it’s time for an FNB Community Bank IRS reporting fact check now.

What is the New $600 Bank Reporting Regulation?

 

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The Joe Biden administration has proposed that all community banks and all financial institutions should report to the IRS on all deposits and withdrawals in any business and personal accounts worth more than $600. This report must be made to the IRS regardless of tax liability. The FNB Community Bank has made it clear that it considers this proposal indiscriminate. They know that this comprehensive bank account reporting to the powerful IRS will soon be enacted in Congress and will become law. The FNB Community Bank strongly believes that this proposed regulation will create an unacceptable invasion of privacy situation for their customers. The FNB Community Bank is not ready to accept this IRS reporting mandates $600 proposed regulation. It is communicating to its customers that the FNB Community Bank works for its customers and their community and certainly not for the IRS. The FNB Community Bank is running a campaign where they are exhorting their customers and supporters to join them in telling Congress that this IRS bank account profiling situation is intrusive and indiscriminate for all their customers and they do not want it to become law.

The Powerful ICBA Has Stepped into This Fight!

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This development has affected all the community banks in America and they have taken up this issue and are working on it feverishly. There are conflicting views on this within the community banking ecosystem so it is not easy to come up with a solution to this contentious issue quickly. The powerful organization Independent Community Bankers of America [ICBA] has entered this fight and is ranged against the Joe Biden administration. They have communicated to their members and supporters that they are against this proposed regulation because of several clear and strong reasons and they have given them on their website. They consider this proposal a fishing expedition on their bank customers and the effort by the all-powerful government and the IRS to collect more information on their customers than is required. The ICBA IRS reporting issue is being handled very sensibly by the ICBA.

It’s a Complicated Issue But Hopefully Will Be Resolved

 

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The ICBA has started a Be Heard grassroots action center where the community bankers can all connect and jointly fight to oppose this proposed regulation. To inform and involve customers the ICBA has also started a new website where the community banks customers can give their opinions because they truly matter as this decision affects them at the very root of their financial lives. The ICBA is also using its political contacts in Washington DC and other political power centers to garner support for its efforts to fight against the Joe Biden administration proposal which will bring a sea change in their business if it becomes law. Now all the community banks all across America are involved in this issue and they are trying to find a solution. The American economy is in very bad shape and the Biden government has more problems on all fronts than any other American government in recent times. Considering who led the last American administration this should certainly not come as a surprise! Still, hope is on that the government, the community banks, the ICBA, the IRS, the bank customers, and all other stakeholders will resolve this problem in a mature way that satisfies all involved parties.

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