HR 533 · 119th Congress — Bank Privacy Reform Act
Bank Privacy Reform Act This bill eliminates provisions that require financial institutions to report certain financial information to specified government agencies. Currently, financial institutions are required to report certain…
- Congress
- 119
- Bill
- HR 533
- Status
- Introduced
- Introduced
- 2025-01-16
- Latest action date
- 2025-01-16
Summary
Bank Privacy Reform Act This bill eliminates provisions that require financial institutions to report certain financial information to specified government agencies. Currently, financial institutions are required to report certain financial transactions (e.g., transfers of over $10,000) for the purpose of detecting illicit activity, such as money laundering or the financing of terrorism. Under the bill, such records are only obtainable through a search warrant. The bill also eliminates reporting requirements related to the beneficial ownership of certain corporate entities.
This summary may describe an earlier version. Check the official record for current wording.
Latest action
Referred to the House Committee on Financial Services.
Sponsors
- Rep. Rose, John W. [R-TN-6]
Republican · Tennessee · House District 6 · Republican