Customers Were Banks’ Best Allies in Fight Against IRS Reporting Measure

American Banker, Nov. 5, 2021–Brendan Pedersen (subscription)
The banking industry mounted a massive and historic campaign against a Biden administration proposal for financial institutions to report new account flow information to the Internal Revenue Service. For now, that effort — seen by some as the industry’s largest grassroots campaign since the aftermath of the 2008 financial crisis — seems to have paid off after the administration released a framework for the Build Back Better plan without explicit mention of the IRS reporting plan.