A provision in the U.S. House Democrats’ $3.5 trillion spending plan would mandate that banks and other financial institutions report transaction data to the IRS for accounts with more than $600 in inflows or outflows. Due to privacy concerns, banking groups are strongly opposed, according to the Ohio Bankers League. The Independent Community Bankers of America says the proposal would “overload the IRS” with personal information. 9/20/2021