Jeffrey P. Naimon quoted in American Banker article, “Banks, consumer advocates unite against tax reporting proposal”
American BankerJeffrey P. Naimon
The American Banker discussed in their article, “Banks, consumer advocates unite against tax reporting proposal,” that the financial industry is opposed to the Biden administration’s plan — which would require financial institutions to report customers’ account flow data to the Internal Revenue Service (IRS) — due to concerns that it is an invasion of consumer privacy.
Naimon noted, “This threatens to become a huge data exercise for banks that will be enormously expensive due to what will be substantial pressure to perform it perfectly, and with the consequences of becoming deputized by the government — just as they have been with the Bank Secrecy Act. This could also become a substantial intrusion on financial information most people consider to be private.”
Click here to read the full article. Subscription required.