The FT is reporting that the US Treasury has negotiated bilateral deals to relax FATCA requirements for certain foreign banks doing business with US citizens. See the story here.

These changes, however, still do not address the concerns of US citizens living abroad, specifically the ability to obtain basic banking services and the severe penalties for failure to comply with the administration's invasive reporting requirements.

We applaud Obama officials for finally starting to listen on this issue. Unfortunately the administration has stayed true to form and only responded to the concerns of large financial institutions while continuing to ignore the concerns of ordinary citizens.

See our statement on this subject here and add your name to our FATCA Repeal Petition here

Follow this link to American Citizens Abroad for additional information about how FATCA will impact you.