Under the plan, individuals or businesses wouldn’t be forced to report more information to the government. Rather, that task would fall to banks.
How much the banking industry pushes back against the proposal will depend on the extra time and effort involved in compliance, said Dan Stipano, a partner at the law firm Davis, Polk & Wardwell who previously served the Office of the Comptroller of the Currency (OCC) as deputy chief counsel and director of the agency’s enforcement and compliance division.
“If it is something that they already capture, it may not be such a big deal,” Stipano told The Wall Street Journal. “But if not, I could see it adding significantly to their already considerable compliance costs and burdens.”