Amends and adds to existing law to establish provisions regarding disclosures by financial institutions to the Internal Revenue Service.

TheIRShassignificantlyexpandeditssizeandscopeinrecentyearsandhasproposedvariouswaysofrequiring financial institutions to disclose private account information. This legislation prohibits a bank, savings bank, savingsandloanassociation,orcreditunioncharteredunderthisstate'slaw(state-charteredfinancialinstitution) from disclosing to the federal Internal Revenue Service deposit and withdrawal transaction information for any account held at the state-chartered financial institution except when required by preexisting state or federal law.