Right to Financial Privacy Act

Summary

Right to Financial Privacy Act - States that the purposes of this Act are to protect and preserve the confidential relationship between financial institutions and their customers and the constitutional rights of those customers, and promote commerce by prescribing policies and procedures to insure that customers have the right to challenge unwarranted disclosure of their records. Prohibits any Federal agency or employee, or any State or local government from obtaining copies of, or the information contained in, the financial records of any customer from a financial institution unless the financial records are described with particularity and: (1) such customer has authorized such disclosure in accordance with this Act; (2) such financial records are disclosed in response to an administrative subpena or summons; (3) such financial records are disclosed in response to a court order; or (4) such financial records are disclosed in response to a judicial subpena. Grants to a customer whose financial records have been subpoenaed, the right to challenge the relevancy and scope of the summons and the relationship of the records sought to the investigation from which the subpena issued. States that no financial institution may provide a Federal agency or employee, or any State or local government, copies of or the information contained in the financial records of any customer except in accordance with the requirements of this Act. Sets forth provisions governing customer authorization, administrative subpenas and summons, judicial subpenas, and search warrants. Makes the requirements of this Act inapplicable to specified disclosures including: (1) records used in making reports on returns required by the Internal Revenue Code; (2) grand jury subpenas; and (3) records required by supervisory agencies for use in the regulation of such institution. Prescribes civil and criminal penalties for violations of the provisions of this Act. Makes injunctive relief available to stop and prevent violations of this Act. Invalidates any waiver of the rights granted by this Act.

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1 official file

• Introduced in Senate

  summary · EN · 14 September 1977

  Open at official source

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