HR 533

Bank Privacy Reform Act

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.

Bill status

Status: In committee
Sponsor: Rep. John W. Rose [R-TN-6]
Cosponsors: 1
Policy area: Finance and Financial Sector
Introduced: 2025-01-16
Latest action: 2025-01-16: Referred to the House Committee on Financial Services.

Committee referrals

Financial Services Committee: House · Referred To · 2025-01-16

Recent actions

2025-01-16: Referred to the House Committee on Financial Services.
2025-01-16: Introduced in House
2025-01-16: Introduced in House