Bid Would Link CU Accounts To Instant TaxRefund

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WASHINGTON - (04/20/05) -- A bill introduced in the Senate thisweek aims to protect low-income families from high fees charged fortax refund anticipation loans by providing grants to connect taxpreparation services for working families with the opening of acredit union or bank account. The goal is to eliminate excess feesmany providers of instant tax refunds charge, according to Sen.Daniel Akaka, D-Ha., one of the sponsors of the bill. The billwould also give the Treasury Department authority to regulate taxpreparers; require providers of refund anticipation loans toregister with the Treasury and comply with disclosures on fees; andrequire the Treasury to conduct a public awareness campaign onthose costs and fees.

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