Customer Alert

Keep My Banking Private

We normally do not engage on topics related to politics for very apparent reasons. However, we feel there is an urgent matter you should be aware of. And because we value you as part of the CNB family, we want you to know the facts so you can make your own decision on taking any action on public policy that will violate your financial privacy.

At Community National Bank, we have become extremely concerned with the recent Congressional proposal that would require all financial institutions to automatically report your private account information to the IRS. If passed, we would be required to report to the IRS on all deposits and withdrawals through business and personal accounts without seeking your permission. The IRS would then sift through this “metadata” to determine if you are ripe for audit or if the IRS believes you have not paid your fair share of taxes.

As our customer, we believe you have a reasonable expectation of financial privacy. And we spend considerable time, effort and money to protect your information against hackers as well as unreasonable search and seizure. This proposal would jeopardize that right of financial privacy. If passed, this proposal would require all financial institutions, like ours, to report any deposits and withdrawals of $600 or more to the IRS regardless of your consent.
We feel strongly that Community National Bank, nor any financial institution, should not become a reporting arm of the Internal Revenue Service. No matter your political beliefs or leanings, we encourage you join us immediately in telling Congress that the proposed IRS bank account profiling is indiscriminate, intrusive, and inappropriate.

To do your own research on the proposal, more information on the bill can be found at:
https://home.treasury.gov/system/files/136/The-American-Families-Plan-Tax-Compliance-Agenda.pdf

If you feel this proposal is inappropriate, click here to take steps to protect your financial privacy by contacting our members of Congress.
https://www.texasbankers.com/TBA/Advocacy/Grassroots-Center/Grassroots-Action-Center/TBA/Advocacy/Grassroots_Action_Center.aspx#/

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