Dear clients and trusted partners of Oregon Pacific Bank,
You may have heard in recent news about a provision in President Biden’s budget reconciliation plan, that will require all United States financial institutions to provide certain account transactions to the IRS. This is accurate and it applies to all banks and credit unions operating in the United States.
The provision would require all financial institutions to send details of all transactions of all business and personal accounts with balances greater than $600 to the IRS without the accountholder’s consent or knowledge. The idea is to track down those who may be evading taxes and pursue them as a way to make up the federal budget deficit.
We believe this is a monumental invasion of privacy and that it will cause an extraordinary amount of burden on the smallest financial institutions in this country. Additionally, we believe it may discourage those who are under served from wanting to work with a bank or credit union, and there are concerns about how the IRS safeguards all of this information. This is not a political statement from Oregon Pacific Bank as it affects everyone, regardless of politics.
Oregon Pacific Bank encourages you to join us in fighting this budget proposal provision by contacting our state representatives in Congress. Oregon Pacific Bank is a proud member of the Independent Community Bankers of America (ICBA). The ICBA has created an easy way for you to directly communicate with Congress through the link below.
Again, this provision applies to every financial institution in the United States. Please help us and act now. If you have questions, I encourage you to reach out to me by phone at 541-902-9800 or by email at email@example.com.
Here is the link to help support Oregon Pacific Bank and all of America’s financial institutions:
Oregon Pacific Bank