Legislation in Washington, D.C. has bank executives across the country scrambling as the fed is proposing a requirement of reporting on transactions of $600 or more.
Michelle Gross is the COO and Community Bank President of the State Bank of Bement in Monticello and points out this is not going to be exclusive to just banks, it will encompass all sorts of financial institutions. She calls it troubling because it is not a very clear directive.
Everything is word of mouth speculation on the details of the legislation, which is concerning for Gross. She speculates this could be a way for the IRS to better keep tabs on taxes paid and owed.
Gross has a lot of concerns for her customers when it comes to the legislation. She points out the legislation seems feckless but it also requires a lot of protected personal information and banks are concerned that information will not remain confidential.
Gross recently visited Washington, D.C. to talk about this legislation to lawmakers. She points consumers concerned to cba.com for information on how to make their voices heard. She believes the one way to stop this is for people to step up and say something to their federal delegates.