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Senate Housing Bill to Require Collecting of Online Payment Information

Started by TLF · 10 months ago

While the Wall Street Journal has noted one disturbing aspect of Sen. Chris Dodd (D-CN)’s sprawling mortgage industry bailout bill (HR 3221) –the required fingerprinting of mortgage loan “originators”–Sen. Dodd and his Republican co ... Continue reading »

5 comments

  • DB

    1 year ago

    As you imply in your last sentence, this would seem to apply to all third party transactions. Do you read this to include display ad platforms?
    reply
  • Nevis

    1 year ago

    Sen. Reid is trying to pass this bill under the radar by invoking a cloture vote at 11:00am EST.

    We have less than ONE HOUR.

    Call your Senators at 1-866-928-3035 and ask them to vote NO.
    reply
  • Berin Szoka

    1 year ago

    Thanks for your comment, DB. This bill wouldn't directly affect advertising, since it online applies to reporting of the total amount received by online payees. It's certainly possible that ad payments could help push an individual payee over the $10k-and-200-payment/year minimum to qualify for the requirement, but assuming that ad networks pay site operators on something like a monthly basis, it doesn't seem likely that ad payments alone would push very many site operators into the scope of the bill.
    reply
  • Berin Szoka

    1 year ago

    Indeed, as noted by Nevis, the Senate voted 83-9 today to speed debate on this bill. Dodd says he hopes to get the bill to Bush by July 4. Bush has said he would veto the bill.
    reply
  • Michael

    1 year ago

    Note to all who read this: This credit card reporting has NOTHING to do with Foreclosure Prevention, which is what this bill is all about. Call your senators and show your concern over the Bailout Bill and the inclusion of this additional legislation:
    http://www.freedomworks.org/newsroom/press_temp...
    reply

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