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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.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_HR_1220
Sponsor: Rep. Rose, John W. [R-TN-6]
Process start date: 2023-02-27
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Bank Privacy Reform Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_1220.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-02-27.

What are the main provisions?

Key points include:

  • 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.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Rose, John W. [R-TN-6].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Economy Courts and Law