Groups Express Concerns to Senators About Proposal to Expand Reporting Regime for Private Financial Information
In a letter to the heads of the Senate Committee on Finance, Consumer Federation of America and other consumer and privacy organizations expressed concern about a proposal by the U.S. Treasury Department to dramatically expand the mandatory reporting regime for private financial information in an effort to improve tax compliance. In particular, the groups said that requiring operators of peer-to-peer payment apps and similar services to collect individuals’ taxpayer identification information was not justified and could expose them to identity theft.
