Tyrants, dictators, and other big government types hate privacy. After all, if people have privacy, they are much more difficult to control. Along with that is a hatred for cash as well as “hard” money such as gold and silver. The last two, in particular, drive these people nuts since they are not only private, but cannot be debased like “fiat” money such as cash can.
The “War on Terror” has been a boon to those who want greater control over our financial matters. Everyone moving cash around can be considered a terror suspect. It doesn't matter whether you are using cash to buy a car or anything else. Strict reporting regulations have been put in place for cash transactions with prison sentences possible for those who violate them, even unknowingly.
So we should not be surprised to learn that the commercial banks are adding new reporting requirements. Not only that, they are collecting and retaining even more information on their customers' financial activities.
A quick look at what US Bank is up to will put you in the picture. And that's what we'll do on page two.