As your trusted Community Bank, we want to make our customers aware of developments in public policy, especially when it may expose your financial privacy.
The Biden Administration has proposed legislation that would require financial institutions, including community banks such as Commonwealth Community Bank, to report any transactions more than $600.00 (deposits and withdrawals- transfers between savings accounts and checking accounts, check or cash deposits.) through either personal or business accounts to be reported to the IRS. This comprehensive bank account reporting will soon be enacted in Congress and will create an invasion of privacy for our customers. Please help us and other community banks in telling Congress that this is unacceptable. If you value your financial privacy please tell Congress: https://www.icba.org/bank-locally/consumer-alert-from-icba