Banking

Podcast: How the INTERNAL REVENUE SERVICE Reporting Proposal Would Affect Banks and Customers

On the current episode of the ABA Banking Journal Podcast — sponsored by NICE Actimize Xceed — Citizens Bank of Edmond CEO Jill Castilla speak about the results the Biden administration’s questionable proposition for a monetary account reporting program would have on a bank like hers, with $310 million in possessions and 55 staff members. She speak about the obstacle of executing a system like this together with present anti-money laundering reporting and 1099 filing at a neighborhood bank.

Castilla likewise talks about why she began speaking up about the proposition, which would involve bank reporting to the internal revenue service of gross yearly inflows and outflows in monetary accounts over a de minimis limit of $600. Hearing straight from Citizens Bank consumers stressed over their monetary personal privacy and about the raised danger of audits over regular deals inspired Castilla to push the concern.

With House Speaker Nancy Pelosi showing that congressional leaders still prepare to consist of some variation of this reporting program in the social costs costs — which continues to be worked out on Capitol Hill — ABA continues advising lenders to do something about it and inform their consumers about the proposition.

This episode is sponsored by NICE Actimize Xceed.

In this episode:

Jill Castilla
President and CEO
Citizens Bank of Edmond

Evan Sparks
Editor-in-Chief
ABA Banking Journal

 

Gabriel

A news media journalist always on the go, I've been published in major publications including VICE, The Atlantic, and TIME.

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