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+- Housing bill requires online transaction reporting-> on Thursday June 19 2008, @03:09PM StealthyRoid
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privacy
StealthyRoid writes "The Senate mortgage bill proposed by Sen. Chris Dodd (who was the recipient of a sweetheart deal on his mortgage from Countrywide, one of the beneficiaries of the bill) includes an attempt to sneak into law a requirement that all electronic payment processors send detailed transaction data to the federal government. From the link:
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The law contains an exception for people who have less than 200 transactions (or a total valueless than $10,000), but those that cross the threshold will have their personal information (especially if they use their SSN as their tax ID number) sent to Uncle Sam on a regular basis."The proposal requires information reporting on payment card and third party network transactions. Payment settlement entities, including merchant acquiring banks and third party settlement organizations, or third party payment facilitators acting on their behalf, will be required to report the annual gross amount of reportable transactions to the IRS and to the participating payee.
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