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Utah Senate passes resolution urging protection of consumer banking privacy
Summary
The Utah Senate passed House Concurrent Resolution 201 urging federal limits on proposed transaction-reporting rules that would require banks to report aggregate inflows/outflows over a $10,000 annual threshold; sponsors warned of privacy and compliance burdens for community banks.
The Utah Senate on a second special session passed House Concurrent Resolution 201 urging Congress and the President to protect consumer privacy in banking and financial transactions.
Senator Wilson, sponsor of the resolution, said recent federal proposals would require financial institutions to report aggregate incoming and outgoing transactions above a $10,000 annual threshold to the IRS and argued such reporting could ‘‘violate individual [privacy]’’ and place ‘‘an undue financial burden’’ on community banks and credit unions.…
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