(Reuters) – The largest U.S. banking lobby groups banded together on Friday to make another push to kill a proposed bank account reporting law being drawn up as part of the congressional reconciliation package.

Lobby groups sent a letter to U.S. House of Representatives Speaker Nancy Pelosi as well House Minority Leader Kevin McCarthy stating that their proposal could create “reputational difficulties” for large financial firms, raise the cost of tax preparations and pose serious concerns about “financial confidentiality.”

The groups urged members to reject any attempts to promote this new, ill-advised reporting system.

The stated purpose of the vast data collection was to expose tax dodging by wealthy individuals, but this proposal does not target that goal or any population.

A $3.5 trillion House bill would require domestic accounts to be reported. This is an issue that is important for the banks, who are opposed to any tax reporting reforms being proposed by Democrats.

Financial services firms will have to report inflows and outflows to every account that exceeds $600 per year. This includes cash breakdowns.

Lobbyists feared that the proposal would create privacy problems and discourage taxpayers, as well as hamper efforts to increase access for vulnerable people and households who are not banked.