According to the Hill magazine a “son” of FATCA proposal by Carl Levin is heading for Senate approval as soon as today. Link below:
Credit and Debit cards issues by non-FATCA compliant banks such as Canadian credit unions will not be accepted in the US anymore.
Update: Son of FATCA proposal attached by to Highway Bill by voice vote. Will try to provide more details. Absolute Disgrace.
Further Update: The amendment is so new it doesn’t even show up on the Senate website yet. Bill still far from final Senate approval. I should note that while I am not an expert on US politics I seem to have heard some place that the main sponsor of the Highway Bill California Senator Barbara Boxer earlier had indicated she was opposed to any non transportation related amendments being made to this bill. The US Senate won’t be in session until Monday so we should now more about what actually passed by then. I do feel though that for those of you still involved in US politics and American Citizens Abroad this might be a good opportunity to make a stand. Given the large number of expats from California this might be a very good opportunity to put some pressure on California Senator Barbara Boxer.