New IRS Rule Won't Spark Exodus From US Banks, Attys Say

Law360, New York (April 20, 2012, 7:08 PM EDT) -- A new U.S. Treasury Department rule finalized this week requiring U.S. banks to report the identities of their foreign account holders could cause American financial institutions to lose vital customers, but attorneys say the rule is not likely to result in the exodus of foreign depositors the industry had feared.

Industry groups and lawmakers have been fighting the rule's implementation for months arguing that a rule requiring U.S. banks to report to the IRS interest payments made to foreign account holders would both compromise customer security...
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