Bailout Bill Would Require Banks to Track and Report Personal Checking Accounts to Feds

biggovernment.com ^ | April 29,2010 | Capitol Confidential

[Ernest_at_the_Beach]

It’s amazing to watch the civil libertarians hide when Democrats propose the most sweeping intrusions of privacy in generations. In addition to the litany of bad policies contained in the Dodd Financial Reform bill is this nugget on pages 1039-1040. In short, it extends government reach to every deposit account of every citizen.

Subtitle G of the Dodd discussion draft bill requires that records be maintained and reported “for each branch, automated teller machine at which deposits are accepted, and other deposit taking service facility with respect to any financial institution, the financial institution shall maintain a record of the number and dollar amounts of deposit accounts of customers.”

What’s worse, banks will be required to submit these records to the new super regulatory agency called the Consumer Financial Protection Agency (page 1041).  The CFPA will be allowed to use this information for any purpose “as permitted by law” under CFPA rules—rules set by CFPA themselves.

So, lets get this straight—the law requires banks to snoop on its customers MOST PERSONAL INFORMATION and submit it to another government agency so it can be used anyway the CFPA see’s fit.

[benjibrowder]

Woodrow Wilson in his later years came to regret forming the Federal Reserve.

[massgopguy]

So they’re going to track deposits at ATM’s? I know a way around this. Press 2 for Spanish.

[ducks1944]

Dodd like father like Son...his Dad was a crook also. Apple does not fall from tree.

[Nachum]

The list, ping

[NFHale]

“...very shortly the underground economy will be independent of ‘money’ as it wont have any value anyways...”

If it gets to that point, it ain’t an underground “economy” these fascist pr*cks will have to worry about, brother.

[zot]

I don’t know what level of control the Soviets had over their people, but this must have been part of it.

[elkfersupper]

They already do that.

Innocuosly, the laws requiring that are The Patriot Act and oddly enough, The Bank Secrecy Act.

Thank you, George W. Bush and his Republican Congress.

[ELS]

For later reading

[hedgetrimmer]

I believe they already do.

[hedgetrimmer]

Privacy? If you think there is any left, then you haven’t been paying attention.

[Arthur Wildfire! March]

Thank you for these pings, FRiend. =]

[GregoryFul]

Individuals holding foreign bank accounts (>$10,000) have been required to submit form TD F 90-22.1 disclosing such holdings. Form

Authority claimed: "in accordance with 5 USC 552a (e) is Public Law 91-508; 31 USC 5314; 5 USC 301; 31 CFR 103" or the "Fair Credit Reporting Act" passed in 1970.

This new law requires depositories to reveal this same information regarding US persons. I suppose because some significant numbers of US persons are not filing form TD F 90-22.1

[patriciaruth]

Thanks!

[Nachum]

The list, ping