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 ?
One reason for the scholarly avoidance of the financial privacy issue could be that Congress, alarmed by the Court's finding in Miller, passed the Right to Financial Privacy Act (11) ("RFPA") to remedy the hole in Fourth Amendment protection left by Miller.
However, the Bank Secrecy Act (BSA) of 1970 (14) and the Right to Financial Privacy Act (RFPA) of 1978 (15) are the primary authorities.
is based on the Right to Financial Privacy Act of 1978.
Many of these laws, such as the Right to Financial Privacy Act, address the protection of financial information and permit individuals to bring a civil law suit against a private party who discloses their financial information (Barclay, 2009-2010; Hotaling, 2008; McGeveran, 2009).
For example, sources employed by financial organizations are subject to the provisions of the Right to Financial Privacy Act; those working for educational institutions are subject to the Family Educational Rights and Privacy Act of 1974; and sources within the health care and counseling professions are subject to a myriad of restrictions with respect to information they may share.
* 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 revision, which becomes effective Jan.
(8) This relationship, known as the SWIFT program, was not only seen as a vital component in the War on Terror, (9) but also as an alternative method of obtaining important financial information that bypassed traditionally burdensome requirements, such as obtaining a search warrant from a judge (10) or following the notification requirements of the Right to Financial Privacy Act (RFPA).
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." The government can delay notice to the customer "by order of an appropriate court." There is an exception for a "legitimate law enforcement inquiry respecting name, address, account number, and type of account of particular customers."
Consequently, the individuals became more aware of their own rights with the emergence of several government regulations dealing with the process of personal data by private organizations (the Right to Financial Privacy Act; the Health Insurance Portability & Accountability Act (HIPAA); the Children's Online Privacy Protection Act (COPPA) etc.
(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.S.C.