Congresswoman Dina Titus, Chair of the Americans Abroad Caucus, has introduced the Overseas Americans Financial Access Act (OAFAA)

On June 27, 2024, Congresswoman Dina Titus (NV-01), Chair of the Americans Abroad Caucus, introduced the Overseas Americans Financial Access Act (OAFAA).  This legislation would relieve the unintended burden imposed by the Foreign Affairs Tax Compliance Act of 2010 (FATCA). This bill creates a same-country exemption to FATCA, increasing access to basic banking services for Americans who live overseas.  ACA congratulates Congresswoman Titus on her legislative efforts in support of U.S. citizens living and working overseas and her leadership role in the Americans Abroad Caucus.

"The OAFAA will ease the foreign bank lockout of U.S. citizens because it will decrease banks' FATCA reporting requirements.  FATCA not only imposed a new reporting task on banks, it increased risk because FATCA filing errors can result in enormous penalties and thus the need to reserve more capital,” said Marylouise Serrato, executive director of American Citizens Abroad.  ACA has long advocated for the adoption of "same country exemption" and proposed such treatment to the US Treasury beginning in 2015.