Right to Financial Privacy Act


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Right to Financial Privacy Act

Guarantees that a bank customer will be given notice and an opportunity to object before bank records will be revealed to the government. There are some exceptions for things such as drug trafficking.(Do not confuse with the Financial Privacy Rules of the Financial Modernization Act of 1999, which protects disclosure of information to nongovernment entities,such as other companies wishing to sell goods and services to the bank customer.)

References in periodicals archive ?
However, the Bank Secrecy Act (BSA) of 1970 (14) and the Right to Financial Privacy Act (RFPA) of 1978 (15) are the primary authorities.
30) This decision motivated Congress to undertake remedial measures and enact the Right to Financial Privacy Act.
77) The Court of Appeals for the Armed Forces has held that subpoenas duces tecum issued by trial counsel "are 'judicial' within the meaning of the Right to Financial Privacy Act," and therefore may be challenged before a Military Judge.
As long as counsel comply with the Right to Financial Privacy Act when they obtain financial records, and offer the records for a proper purpose at trial, the fact finder may be "better persuaded of a defendant's criminality.
31) Richard Cordero, Annotation, Construction and Application of Right to Financial Privacy Act of 1978, 112 A.
1996) ("[S]ubpoenas issued by a trial counsel are 'judicial' within the meaning of the Right to Financial Privacy Act.
The Federal Reserve Board issued a revision to Regulation S, which sets the rates and conditions under which a government agency must reimburse a financial institution for costs incurred in producing customer financial records under the Right to Financial Privacy Act.
The Right to Financial Privacy Act of 1978 says, "No Government authority may have access to, or obtain copies of, the information contained in the financial records of any customer from a financial institution unless the financial records are reasonably described" and "a copy of the subpoena or summons has been served upon the customer or mailed to his last known address.
4) To the extent specifically permitted or required under other provisions of law and in accordance with the Right to Financial Privacy Act of 1978 (12 U.
The Sarbanes-Oxley Act, the Right to Financial Privacy Act, the USA PATRIOT Act, and the Health Insurance Portability and Accountability Act all contain specific liabilities related to companies' data.
The Right to Financial Privacy Act protects consumer records maintained by financial institutions from improper disclosure to federal government officials or agencies.
Furthermore, legislative history indicates Congress intended to restrict access to and disclosure of such information in the same manner as that provided for financial records in the Right to Financial Privacy Act.