C&F Bank rarely engages our customers on matters related to politics or legislative proposals, however we strongly feel there is an urgent matter being considered by Congress that you should know about. The Biden Administration is proposing a significant expansion of tax information reporting requirements within the current budget reconciliation process now before Congress. This proposal, if enacted, would require banks and other financial institutions to report detailed information of inflows/outflows on every customer account with a balance of more than $600.
We believe this proposal goes strongly against our steadfast principle of customer confidentiality when it comes to your business with us. We believe you should have a reasonable expectation of privacy when it comes to your bank accounts and this legislation, in our opinion, threatens this expectation.
C&F Bank does NOT support this proposed legislation and we are actively engaging with the elected officials who represent the communities we serve to share our sentiment. The American Bankers Association has created an easy way for C&F customers to join our voices in opposition to the proposal. Simply click here to and input your address to send a personal message to Virginia Senators Kaine and Warner as well as your House of Representatives member. If you’re in agreement, we strongly encourage you to reach out to Virginia officials in Washington to let them know how you feel about this proposal.
Thank you for banking with us and please call or visit anytime we can be helpful to you.
Thomas F. Cherry
President and CEO
C&F Financial Corporation