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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.
Introduced
Jan 16, 2025
Last Action
Jan 16, 2025
Session
119th Congress
Sponsors
1 primary · 1 co
Passage Probability
2% — Very Low
Introduced in House
Referred to the House Committee on Financial Services.
Get a plain-English explanation of what this bill does, who it affects, and why it matters.
2%
Estimate based on legislative signals
See what factors are driving this score — cosponsor support, bipartisan backing, committee progress, and more.
Upgrade to ProReferred to the House Committee on Financial Services.