The whopping housing bill that President Bush signed into law last week does far more than merely address the nation's real estate woes. Some sections have raised serious privacy concerns.
Tucked in near the end of the Housing and Economic Recovery Act is a requirement that banks and online payment networks annually collect and report to the IRS electronic payments made to online merchants. It takes effect in 2011, and will affect what information companies like PayPal collect from their sellers and could raise privacy and auditing complications.
The housing bill also finalized the SAFE Mortgage Licensing Act. As … Read more