Banks, Fintech Lenders Would Get New Tech Tool in IRS Bill

March 28, 2019, 6:55 PM

Fintech lenders, credit reporting agencies like Equifax, Inc., and mortgage bankers would get to ditch more of the paperwork for income verification in a provision included in a bipartisan bill reworking the IRS.

The bill—which a group of lawmakers on the House Ways and Meant Committee released March 28—includes a provision that has long been on the wish list of the financial services industry: the creation of a secure online portal that would allow third parties to get tax transcripts in real-time.

Currently, the process involves faxing signed paper forms to the agency and waiting ...

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