Bank Privacy Reform: Search Warrant Required for Financial Records Access
The bill amends the Right to Financial Privacy Act of 1978 to require Government authorities to obtain a search warrant to access or obtain copies of a customer's financial records from a financial institution. It also repeals numerous sections of the Bank Secrecy Act, including those related to currency transaction reporting, and amends the declaration of purpose to require financial institutions to retain transaction records.
Key points
Government authorities must obtain a search warrant to access a customer's financial records from a financial institution.
Repeal of multiple sections of the Bank Secrecy Act, including requirements for reporting domestic and foreign currency transactions.
Amendment of the declaration of purpose to require financial institutions to retain transaction records identifiable with particular customers.
Status:
Expired
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