Citizens Bank of Edmond CEO Jill Castilla talks about the effects the Biden administration’s controversial proposal for a financial account reporting regime would have on a bank like hers.
This year’s AICPA annual conference brought together key players in the bank accounting space, including banking agencies and banks and audit firms of all sizes. The event served as a forum for public statements, insight and market intel from these institutions.
The fight on Capitol Hill over the Biden administration’s controversial tax proposal is likely to go on for another four to six weeks, and the proposal may continue to be raised after that, according to ABA EVP James Ballentine.
With Congress expected to begin considering a new tax reporting requirement that would require banks to report information on account flows to the Internal Revenue Service as early as next week, bankers are urged to contact their lawmakers to oppose the proposal.
The Commodity Futures Trading Commission yesterday temporarily delayed some financial reporting requirements for bank swap dealers.
The CFPB today issued its long-awaited proposal for implementing Section 1071 of the Dodd-Frank Act, which concerns the collection of credit application data for small businesses, including women-owned and minority-owned small businesses.
ABA today wrote to Senate leaders in support of an amendment to the budget resolution put forth by Sen. Mike Crapo (R-Idaho) that would prevent the Internal Revenue Service from establishing a new information reporting framework for individual or business bank accounts with flows of $600 or more.
The FDIC has selected four companies to submit proposals for technology to help banks better use data as part of its ongoing Rapid Phased Prototyping Competition.
The Treasury Department on Friday released its “Green Book,” which contains details on the tax changes that the Biden administration is proposing to help fund the budget for the coming fiscal year.
The Treasury Department today released a report further detailing its proposals to shrink the tax gap as part of the American Families Plan that was unveiled by President Biden last month.