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Senate Co-Sponsorship Memoranda
Senate of Pennsylvania
Session of 2021 - 2022
Regular Session
MEMORANDUM
| Posted: | October 15, 2021 04:33 PM |
|---|---|
| From: | Senator Michele Brooks |
| To: | All Senate members |
| Subject: | Protecting the Privacy of Personal Banking Transactions |
| Currently there is a federal proposal requiring financial institutions to report customers’ deposits and withdrawals of $600 or more to the IRS. To help protect Pennsylvania citizens, I plan to introduce legislation prohibiting any PA State Department, Commission or Agency from requiring financial institutions to provide information about an individual’s personal banking transactions beyond the already required Currency Transaction Report (CTR). CTRs have been in effect since 2012 and are mandatory reports which must be filed for currency transactions that exceed $10,000 as part of a financial institution’s anti-money laundering requirements. My legislation will prohibit any new intrusive government overreach in regards to an individual’s personal banking transactions. This will also eliminate the increased risk for breaches of data security and an individual’s personally identifiable information to become more vulnerable. We must protect Pennsylvania residents from such massive government intrusion. Thank you for your consideration of cosponsoring this important measure. |
Introduced as SB955