Browsing: Policy

Newsbytes

A controversial Biden administration proposal that would require financial institutions to report information on gross inflows and outflows of all customer accounts above a certain de minimis threshold could “fracture trust” that banks have built with their customers, former ABA Chairman Jim Edwards told Republican members of Congress during a meeting today.

Newsbytes

With government and private-sector vaccine mandates taking effect soon, the Equal Employment Opportunity Commission yesterday updated its technical assistance question-and-answer document to provide guidance on how employers may respond to an employee’s request for an accommodation to a vaccine requirement based on a conflict between that requirement and the employee’s sincerely held religious beliefs, practices, or observances.

Newsbytes

The federal banking agencies “plan to issue a series of policy statements in the coming months” addressing “how existing rules and policies apply to crypto assets, what types of activities are permissible for banks to engage in and what supervisory expectations we have for banks that do engage in such activities,” FDIC Chairman Jelena McWilliams said in remarks at an industry event today.

Compliance and Risk

A broad coalition of 99 trade groups representing various industries—including the American Bankers Association—today wrote to President Biden urging him to withdraw a controversial proposal that would require financial institutions to report information to the Internal Revenue Service on gross inflows and outflows for accounts above a specified de minimis threshold.

Newsbytes

Sen. Tim Scott (R-S.C.) today introduced a bill that would block the Internal Revenue Service from creating new requirements for financial institutions to report gross inflows or outflows or any other transaction-level information on customer accounts.

Tax and Accounting

Rep. Charlie Crist (D-Fla.) today announced that he opposes the Biden administration’s controversial IRS data reporting proposal—becoming the first Democrat to push back publicly on the ABA-opposed measure that congressional leaders continue to push via the budget reconciliation process.

Newsbytes

A group of 202 House Republican lawmakers, led by Rep. Tom Emmer (R-Minn.), wrote to Treasury Secretary Janet Yellen today urging the administration and Democratic lawmakers to abandon a controversial proposal that would require financial institutions to report information on gross inflows and outflows to the Internal Revenue Service for all accounts above a certain de minimis threshold.

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