Chris Dodd and Barney Frank are coming for their revenge
I suppose they are angry that their roles in the housing and banking crises are being broadcast (at least by responsible people).
Their revenge is sweeping. Among other things, they want the federal government to monitor every deposit made in America. That's right...each and every one, all the way down to what street address where you make your deposits.
5 SEC. 1071. COLLECTION OF DEPOSIT ACCOUNT DATA.
6 (a) PURPOSE.-The purpose of this section is to pro
7 mote awareness and understanding of the access of indi
8 viduals and communities to financial services, and to iden
9 tify business and community development needs and op
10 portunities.
11 (b) IN GENERAL.-
12 (1) RECORDS REQUIRED.-For each branch,
13 automated teller machine at which deposits are ac
14 cepted, and other deposit taking service facility with
15 respect to any financial institution, the financial in
16 stitution shall maintain a record of the number and
17 dollar amounts of deposit accounts of customers.
18 (2) GEO-CODED ADDRESSES OF DEPOSITORS.-
19 Customer addresses shall be geo-coded for the collec
20 tion of data regarding the census tracts of the resi
21 dences or business locations of customers.
22 (3) IDENTIFICATION OF DEPOSITOR TYPE.-In
23 maintaining records on any deposit account under
24 this section, the financial institution shall record
Page 1217
1 whether the deposit account is for a residential or
2 commercial customer.
3 (4) PUBLIC AVAILABILITY.-
4 (A) IN GENERAL.-Each financial institu
5 tion shall make publicly available on an annual
6 basis, from information collected under this sec
7 tion-
8 (i) the address and census tract of
9 each branch, automated teller machine at
10 which deposits are accepted, and other de
11 posit taking service facility with respect to
12 the financial institution;
13 (ii) the type of deposit account, in
14 cluding whether the account was a check
15 ing or savings account; and
16 (iii) data on the number and dollar
17 amount of the accounts, presented by cen
18 sus tract location of the residential and
19 commercial customer.
20 (B) PROTECTION OF IDENTITY.-In mak
21 ing data publicly available, any personally iden
22 tifiable data element shall be removed so as to
23 protect the identities of the commercial and res
24 idential customers.
25 (c) AVAILABILITY OF INFORMATION.-
Page 1218
1 (1) SUBMISSION TO AGENCIES.-The data re
2 quired to be compiled and maintained under this
3 section by any financial institution shall be sub
4 mitted annually to the Bureau, or to a Federal
5 banking agency, in accordance with rules prescribed
6 by the Bureau.
7 (2) AVAILABILITY OF INFORMATION.-Informa
8 tion compiled and maintained under this section
9 shall be retained for not less than 3 years after the
10 date of preparation and shall be made available to
11 the public, upon request, in the form required under
12 rules prescribed by the Bureau.
13 (d) BUREAU USE.-The Bureau-
14 (1) shall use the data on branches and deposit
15 accounts acquired under this section as part of the
16 examination of a covered person as part of an exam
17 ination under this title;
18 (2) shall assess the distribution of residential
19 and commercial accounts at such financial institu
20 tion across income and minority level of census
21 tracts; and
22 (3) may use the data for any other purpose as
23 permitted by law.
I'm sure what will be "permitted by law" will include matching your deposits with IRS returns to make sure you're not depositing more than you claim on your income taxes.
Where is the liberal outrage over Republicans wanting to track the financial records of suspected terrorists? Apparently the left was only angry that all Americans weren't up for monitoring!
Their revenge is sweeping. Among other things, they want the federal government to monitor every deposit made in America. That's right...each and every one, all the way down to what street address where you make your deposits.
5 SEC. 1071. COLLECTION OF DEPOSIT ACCOUNT DATA.
6 (a) PURPOSE.-The purpose of this section is to pro
7 mote awareness and understanding of the access of indi
8 viduals and communities to financial services, and to iden
9 tify business and community development needs and op
10 portunities.
11 (b) IN GENERAL.-
12 (1) RECORDS REQUIRED.-For each branch,
13 automated teller machine at which deposits are ac
14 cepted, and other deposit taking service facility with
15 respect to any financial institution, the financial in
16 stitution shall maintain a record of the number and
17 dollar amounts of deposit accounts of customers.
18 (2) GEO-CODED ADDRESSES OF DEPOSITORS.-
19 Customer addresses shall be geo-coded for the collec
20 tion of data regarding the census tracts of the resi
21 dences or business locations of customers.
22 (3) IDENTIFICATION OF DEPOSITOR TYPE.-In
23 maintaining records on any deposit account under
24 this section, the financial institution shall record
Page 1217
1 whether the deposit account is for a residential or
2 commercial customer.
3 (4) PUBLIC AVAILABILITY.-
4 (A) IN GENERAL.-Each financial institu
5 tion shall make publicly available on an annual
6 basis, from information collected under this sec
7 tion-
8 (i) the address and census tract of
9 each branch, automated teller machine at
10 which deposits are accepted, and other de
11 posit taking service facility with respect to
12 the financial institution;
13 (ii) the type of deposit account, in
14 cluding whether the account was a check
15 ing or savings account; and
16 (iii) data on the number and dollar
17 amount of the accounts, presented by cen
18 sus tract location of the residential and
19 commercial customer.
20 (B) PROTECTION OF IDENTITY.-In mak
21 ing data publicly available, any personally iden
22 tifiable data element shall be removed so as to
23 protect the identities of the commercial and res
24 idential customers.
25 (c) AVAILABILITY OF INFORMATION.-
Page 1218
1 (1) SUBMISSION TO AGENCIES.-The data re
2 quired to be compiled and maintained under this
3 section by any financial institution shall be sub
4 mitted annually to the Bureau, or to a Federal
5 banking agency, in accordance with rules prescribed
6 by the Bureau.
7 (2) AVAILABILITY OF INFORMATION.-Informa
8 tion compiled and maintained under this section
9 shall be retained for not less than 3 years after the
10 date of preparation and shall be made available to
11 the public, upon request, in the form required under
12 rules prescribed by the Bureau.
13 (d) BUREAU USE.-The Bureau-
14 (1) shall use the data on branches and deposit
15 accounts acquired under this section as part of the
16 examination of a covered person as part of an exam
17 ination under this title;
18 (2) shall assess the distribution of residential
19 and commercial accounts at such financial institu
20 tion across income and minority level of census
21 tracts; and
22 (3) may use the data for any other purpose as
23 permitted by law.
I'm sure what will be "permitted by law" will include matching your deposits with IRS returns to make sure you're not depositing more than you claim on your income taxes.
Where is the liberal outrage over Republicans wanting to track the financial records of suspected terrorists? Apparently the left was only angry that all Americans weren't up for monitoring!