R44616 – FATCA Reporting on U.S. Accounts: Recent Legal Developments – 9/7/2016

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FATCA Reporting on U.S. Accounts: Recent Legal Developments

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Author: Erika K. Lunder, Legislative Attorney
Pages: 19

This report provides an overview of the FFI reporting requirements and examines the role of the intergovernmental agreements (IGAs) in implementing them. The report then discusses the confidentiality protections provided to the information reported by FFIs and litigation in which plaintiffs have raised concerns about privacy and the use of IGAs. It ends with a summary of FATCA legislation introduced in the 114th Congress. For further discussion of FATCA, as well as the related requirements known as Foreign Bank Account Reporting (FBAR), see CRS Report R43444, Reporting Foreign Financial Assets Under Titles 26 and 31: FATCA and FBAR. Bills: H.R. 297, H.R. 3078, S. 104