Senate Dials Back Plan to Force SSN Collection by Payment Services, As EPIC Urged

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Senate Dials Back Plan to Force SSN Collection by Payment Services, As EPIC Urged

The Senate Finance Committee has significantly scaled back a proposal in the pending budget reconciliation bill to expand the mandatory reporting regime for private financial information in the United States, a move that EPIC and peer organizations called for last month. The original proposal would have required peer-to-peer apps and services to provide the IRS with Tax Identification Numbers and other data for accounts with inflows and outflows of more than $600 per year. Because most individuals do not hold a separate TIN from their Social Security Number, this plan would have forced private entities to collect the SSNs of millions of Americans. The revised proposal raises the threshold from $600 to $10,000, a significant step toward recommendations by EPIC and other privacy and consumer rights group. “At minimum, the expanded reporting requirement should be scaled back to apply only to business accounts or individual accounts with

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