Two Bankers Associations Sue U.S. Treasury and IRS to Enjoin Regs to Require U.S. Banks To Report Interest Paid to Non-Resident Aliens from Certain Countries

 On April 18, 2013, the Florida Bankers Association and the Texas Bankers Association sued the U.S. Department of Treasury and the Internal Revenue Service, seeking a declaratory judgment finding that amendments to 26 code of Federal Regulations §§1.6049-4(b)5) and 1.6049-8 were promulgated in violation of the Administrative procedures Act (:APA”) and the Regulatory Flexibility Act an order staying the enforcement date of the amendments.[1]