H.R. 533 · 119th Congress
Bank Privacy Reform Act
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R
RoseSponsor1 cosponsor · 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill eliminates provisions that require financial institutions to report certain financial information to specified government agencies.
What it does: CRS summary · Introduced in House · Jan 16, 2025
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Bank Privacy Reform Act
Latest action (Jan 16, 2025): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Jan 16, 2025
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.