Should your bank tell the Internal Revenue Service how much money you have?

State Treasurer Curtis Loftis doesn’t want that to happen.

He said the State Board of Financial Institutions has urged Congress to oppose the Biden administration’s effort to force banks to report private account amounts.

US Treasury Secretary Janet Yellen wants financial institutions to annually report to the IRS the total amount of money deposited and withdrawn from banking, loan and investment accounts over $600.

Local bankers say this will cost millions of dollars to administrate and drive some of them into early retirement.

First Community Bank President Mike Crapps in Lexington said he was surprised Yellen would even propose this.

“I think she has been told to do this by someone behind the scenes,” he said.

Loftis, a West Columbia resident, said, “I urge our federal delegation to protect the privacy rights of our citizens as well as support the vital role financial institutions play in our communities.”

“The IRS has no business monitoring the bank accounts of our state’s hardworking people,” said Loftis, who serves as chairman of the state board.

The board confirmed that these new reporting requirements would “unreasonably, unduly and unnecessarily” cost banks and credit unions huge compliance costs.

As part of the American Families Plan, this would affect more than 100 million Americans.

The 11-member State Board of Financial Institutions is responsible for supervising the licensing and examination of all state-chartered banks, savings and loan associations, savings banks, credit unions, trust companies, development corporations, mortgage lenders, mortgage loan originators, consumer finance companies, deferred-presentment companies and regular check-cashing companies.

For more information on the State Board of Financial of Institutions, please visit bofi.sc.gov