HR 533 ยท Bank Privacy Reform Act
Referred to the House Committee on Financial Services.
- Introduced
- Jan 16, 2025
- Latest action
- Jan 16, 2025
- Sponsor
- Rep. John W. Rose [R-TN-6]
- Policy area
- Finance and Financial Sector
- Cosponsors
- 1
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.
Recent actions
- Jan 16, 2025 Referred to the House Committee on Financial Services.
- Jan 16, 2025 Introduced in House
- Jan 16, 2025 Introduced in House
Votes
No recorded votes are available for this bill.