Federal agencies" initial problems with the Right to Financial Privacy Act of 1978

Federal agencies" initial problems with the Right to Financial Privacy Act of 1978 by United States. General Accounting Office Download PDF EPUB FB2

Every Federal agency which utilizes records obtained from financial institutions, especially the law enforcement agencies such as the Departments of Justice and Treasury, is affected by the Act and must follow certain procedures before obtaining access to these records.

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The Right to Financial Privacy Act of (RFPA; codified at 12 U.S.C. 35, § et seq.) is a United States federal law, Title XI of the Financial Institutions Regulatory and Interest Rate Control Act ofthat gives the customers of financial institutions the right to some level of privacy from government d by: the 95th United States Congress.

The Right to Financial Privacy Act of was enacted to provide the financial records of financial institution customers a reasonable amount of privacy from federal government scrutiny. The act, which became effective in Marchestablishes specific procedures that government authorities must follow when requesting a cus­ tomer’s financial records from a bank or other financial institution.

The United States Code is meant to be an organized, logical compilation of the laws passed by Congress. At its top level, it divides the world of legislation into fifty topically-organized Titles, and each Title is further subdivided into any number of logical subtopics. THE RIGHT TO FINANCIAL PRIVACY ACT OF The Bank Secrecy Act' requires financial institutions to maintain certain records that have a "high degree of usefulness in criminal, tax, and regula-tory proceedings," 2.

but. contains no procedures whereby the. Six of the federal agencies that enforce the Gramm-Leach-Bliley Act initiated a project to explore the development of paper-based, alternative financial privacy notices—or components of notices—that are easier for consumers to understand and use. Interest Rate Control Act of is comprehensive legislation aimed at re- forming and restructuring federal financial agencies regulating depository institutions.

§ Access to financial records by Government authorities prohibited; exceptions § Confidentiality of financial records § Customer authorizations § Administrative subpena and summons § Search warrants § Judicial subpena § Formal written request § Delayed notice § Customer challenges.

financial institution, or for whom a financial institution is acting or has acted as a fiduciary, in relation to an account maintained in the person’s name. The Right to Financial Privacy Act was Congress' response to a U.S. Supreme Court decision that found bank customers had no legal right of privacy for their financial.

Form DOJ -- Certificate of Compliance with the Right to Financial Privacy Act of ; Form DOJ -- Customer Consent and Authorization for Access to Financial. Customer authorizes access 2.

Administrative subpoena or summons 3. Qualified search warrant 4. Judicial subpoena 5. Formal written request from an authorized government authority.

The RFPA was enacted in and covers requests for financial records that financial institutions receive from a federal government authority.

and dissemination of personally identifiable information about individuals that is maintained in systems of records by federal agencies.

The GLBA, or Financial Services Modernization Act of The Act requires DoD to reimburse a financial institution for such costs as are reasonably necessary and which have been directly incurred based on the rates of reimbursement established by the Federal Reserve Board in 12 CFR The average cost of reimbursement from DoD to financial institutions over the past five years is $4, per year.

THE RIGHT TO FINANCIAL PRIVACY ACT: NEW PROTECTION FOR FINANCIAL RECORDS Introduction InCongress passed the Financial Institutions Regulatory and Interest Rate Control Act,' a sweeping bank regulatory reform measure.

This Act was intended to reform and restructure those. Financial institutions are required to take steps to protect the privacy of consumers’ finances under a federal law called the Financial Modernization Act ofalso known as the Gramm-Leach-Bliley Act.

The FTC is one of the federal agencies that enforces provisions of Gramm-Leach Bliley, and the law covers not only banks, but also. The bureau also has the ability to enforce and make rules regarding any existing federal financial privacy laws. Federal Trade Commission (FTC) The Federal Trade Commission is an independent regulatory agency responsible for protecting consumers and competition.

Inthe FTC became involved with privacy regulation. At the beginning, the agency promoted self regulation as they encouraged companies to produce their own privacy policies that the FTC. The Act limits the right of the Federal Government to access financial records of individuals and small partnerships, as well as the right of financial institutions to disclose such records to the Government.

It applies only to the Federal Government and not to other. Act and the ability of bank supervisory agencies to notify the Department of possible offenses without giving notice to customers.

These issues arise because of the restrictions the Act has placed on Federal agencies’ access to and dissemination of the financial records of bank customers. Prohibits any Federal agency or employee, or any State or local government, from obtaining copies of, access to, or the information contained in, the financial records of any customer from a financial institution unless such records are described with particularity and: (1) such customer has authorized such disclosure in accordance with this.FDIC Law, Regulations, Related Acts [Table of Contents] [Previous Page] - Consumer Protection among and between the five member supervisory agencies of the Federal Financial Institutions Examination Council, the Securities and Exchange Commission, the Federal Trade Commission, the Commodity Futures Trading Commission, and the Bureau of.With the revelations in recent weeks about far-reaching domestic surveillance programs by the National Security Agency (NSA) and other Federal agencies that were expanded under the Patriot Act, Americans are scrambling to determine what privacy rights they have to information collected by the Federal Government.