Dodd, Bailout Bill would require banks to report to Government on your personal banking info

6 posts / 0 new
Last post
John99's picture
John99
Status: Gold Member (Offline)
Joined: Aug 27 2009
Posts: 490
Dodd, Bailout Bill would require banks to report to Government on your personal banking info

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

Published on 04-30-2010

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.

Required Acct MonitoringSubtitle 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.

Must submit to CFPASo, if the CFPA Czar see’s fit, information about your deposit account activity could be shared with the IRS, immigration officials, state officials, or any other entity that the Administration and their various Czar’s think beneficial.

But CFPA will impact your life even before they give away your personal data. Remember that part of the excuse for including this authority is to make policy recommendations. So, be careful not to run your credit limit too high above the amount of money you are depositing in the bank or the CFPA will know you can’t pay your bills and make the appropriate “policy recommendations”.

This is exactly why conservatives have fought so hard against things like national ID cards—if the government is authorized to collect and utilize data, there is no way to prevent the government as a whole or certain individuals within the government from using the information against the citizens.

But passage of the CFPA will settle the whole ID card thing once and for all. There will be no need for them because if you have a bank account, you already have a number and the CFPA will have it.

The breadth of sweeping new powers given to the federal government by these three pages is astonishing.  Yet we have heard nary a peep about this provision.

After capitulation and surrender, Republicans will have a chance to amend the legislation when it comes to the floor of the Senate and protect the private details of your banking account.

But if they don’t, smile the next time you go to the ATM because Big Brother will be watching.

article: http://www.blacklistednews.com/news-8469-0-13-13--.html

 

DrKrbyLuv's picture
DrKrbyLuv
Status: Diamond Member (Offline)
Joined: Aug 10 2008
Posts: 1995
Re: Dodd, Bailout Bill would require banks to report to ...

Sheesh...this is bizarre...the government should stop prying into the lives of innocent civilians and open up their own books instead.  If they want to find some real criminal wrong-doing they would be better off eliminating the private Federal Reserve.

Let me know when the revolution starts!

Larry

FinPro's picture
FinPro
Status: Bronze Member (Offline)
Joined: Oct 20 2009
Posts: 49
Re: Dodd, Bailout Bill would require banks to report to ...

The are some things the CFPA will be and some it won’t.  A snoop tool for the IRS it won’t be.  It’s the ultrawealthy, recently caught tax sheltering with UBS’ Swiss accounts who needed to be looking over their shoulder.  You and I, here at home in the US have been watched with our bank accounts for a long time.

Subtitle G looks like its about the CFPA having access to residential and commercial depositor accounts.   The bill is here if you care to read the section:

http://banking.senate.gov/public/_files/AYO09D44_xml.pdf

Personally, I think it is reasonable for a consumer watch dog to know the interest rates and service fees everyone in the United States is earning, or paying, with their banking.  Keeping banks, like Countrywide, from taking mortgage pre-payments and leaving them aside instead of paying down homes is just one example that actually happened to me.  Maybe something similar happened to you.  Maybe some bank acted in with impunity upon you, leaving you with, what, you state Attorney General’s phone number?  Part of Shelby’s aim is to be sure the CFPA is under the Fed’s thumb, so he can do more favors for the banks by pre-empting even your state AG’s power over anything to do with banking.

Imagine, the next Countrywide will slip a few $50 overdrafts for one day's snacks on somebody and the only people left with any power to do anything for him, the consumer, will be an AG who can’t because the now Fed controlled “CFPA” pre-empted him from doing so.  Those who neutered the bill will cheer the "innovation" and all the share price run-up they can get from a $51 bagel.

Please, support the CFPA, as it stands, and know its big money that is behind many of the adds that are against it.

FinPro

 

John99's picture
John99
Status: Gold Member (Offline)
Joined: Aug 27 2009
Posts: 490
Re: Dodd, Bailout Bill would require banks to report to ...

FinPro,

Not sure, Section G reads to me that they will have access to everyone's account balance. If you look at the monies that are being sought from Greece at this moment in time, we can well have a picture of the 'things to come' in North America.

Here's a new sample TV commercial aimed at collecting money from us:

FinPro's picture
FinPro
Status: Bronze Member (Offline)
Joined: Oct 20 2009
Posts: 49
Re: Dodd, Bailout Bill would require banks to report to ...
John99 wrote:

they will have access to everyone's account balance.

If you are tyring to say the next they will do is start tapping your account, that would probably be bad for trust in banking and might lead to a run on banks.

If you are trying to say they are spying, then I go back to my initial reply and maintain they need to know this stuff to assess the bank products that need regulation.

Travlin's picture
Travlin
Status: Diamond Member (Offline)
Joined: Apr 15 2010
Posts: 1322
Re: Dodd, Bailout Bill would require banks to report to ...

I worked in banking for many years.  The bank already has all this information.  The only difference is how much they report to the feds.  After 2001 many new reporting requirements were implimented, particularly with identity verification.  You usually have to show up in person to open an account now, and they check your driver' s license against a federal database of  "suspecious" people. 

Banks are already required to send a form to the feds if you deposit or withdraw $10,000 or more., or even if you have a pattern of activities that COULD be suspicious like a series of $9,000 transactions. If you purchase gold with $10,000 cash or more the merchant must report it.  These  kinds of requirements have steadily escalated since 2001.

Comsumer protection can be done with the anonymous aggregated data already available.  Getting personal data is just a ruse for more snooping.

 

 

 

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Login or Register to post comments