The IPA has signed a letter alongside 98 other trade association and companies opposing the proposed new tax information reporting regime from the Biden Administration as part of the proposed Reconciliation package pending in Congress. As a reminder, the proposal would require providers of financial services to track and submit to the IRS information regarding every account above a de minimis threshold of $600 during the year. Similar to the previous coalition letter addressed to Congress, this current letter is addressed directly to President Biden and urges him to withdrawal the proposal. The letter was sent to the White House this morning.
Washington, D.C. (October 27, 2021) — The Innovative Payments Association (IPA) President & CEO, Brian Tate, has released the following statement on President Joe Biden’s nomination of Professor Saule Omarova to be the next Comptroller of the Currency (OCC).
The IPA encourages the U.S. Senate Banking Committee to thoughtfully review Professor Omarova’s qualifications to be the next Comptroller of the Currency. Moreover, we urge Members to thoroughly explore her stated views on the private banking system, which appear on their face to be inconsistent with previous banking agency precedent and leadership who served in this critically important role, regardless of party affiliation.
Americans’ lives have been disrupted at all levels by the pandemic. The payments community has worked hard to make it easier for Americans to receive government benefits, adapt to the demands of a remote-based economy, and protect against fraud. Regulators need to help maintain certainty for all Americans and businesses as the country transitions to normalcy.
Members of the payments community have raised concerns about Professor Omarova’s nomination because she has expressed very strong views in favor of disrupting the nation’s banking system. Professor Omarova has proposed, amongst other things:
It is critically important that the next Comptroller of the Currency have a fundamental understanding of the challenges the financial system faces and a sense of what viable solutions can developed to improving consumers’ financial lives.
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