Treasury, IRS Escape Banking Groups' Tax Info Sharing Suit

Law360, Los Angeles (January 13, 2014, 6:16 PM EST) -- A Washington, D.C., federal judge on Monday tossed a lawsuit brought against the U.S. Department of Treasury by the Florida Bankers Association and others challenging the agency’s new regulations requiring commercial banks and savings associations to share nonresident alien depositors’ personal information with the IRS.

FBA and the Texas Bankers Association sued the Treasury and the Internal Revenue Service in April, saying the changed regulations would pose significant security concerns.

The suit, brought under the Declaratory Judgment Act, the Administrative Procedure Act and the Regulatory Flexibility...
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