Banks that fail to file depositors' interest income forms with the government would face higher fines under a Clinton administration proposal.

To oppose the plan, nine financial and real estate trade groups sent a letter on Tuesday to Treasury Secretary Robert Rubin arguing that "the proposed penalty increase ... is totally unwarranted."

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.