Banks may soon face new regulation

Banks, credit unions and other financial institutions could face two changes to federal reporting requirements, depending on what happens in Washington, D.C., over the next several months.

Amendments to the Dodd-Frank Act Section 1071 regulating small-business lending would require more detail in what banks report about loan transactions with small businesses.

A proposed tax law change before Congress would add a reporting requirement on consumer or business bank accounts as small as $10,000.

The new proposed rules are meant to assure that small businesses have equitable access to credit and to aid the Internal Revenue Service in tax collections.

Both provisions — in one…