Referred to the House Committee on Financial Services.
The bill (Bank Privacy Reform Act) amends the Right to Financial Privacy Act to require a search warrant meeting section 1106 before government authorities may obtain customer financial records, and strikes many statutory exceptions. It also amends the Bank Secrecy Act (Title 31), removing multiple reporting, access, and special-measures provisions, changing definitions, raising a dollar threshold to $3,000 (as CPI-adjusted), and requiring financial institutions to retain transaction records identifiable to customers.
Privacy vs. enforcement: liberals emphasize civil-liberty gains; centrists worry about AML gaps.
Relative to its intended legislative type, this bill makes broad substantive changes to federal financial privacy and Bank Secrecy Act authorities by replacing certain confidentiality provisions and striking numerous statutory sections, but it provides limited implementation detail, no fiscal/resourcing discussion, and no new oversight or transitional provisions.
The bill (Bank Privacy Reform Act) amends the Right to Financial Privacy Act to require a search warrant meeting section 1106 before government authorities may obtain customer financial records, and strikes many statutory exceptions.
It also amends the Bank Secrecy Act (Title 31), removing multiple reporting, access, and special-measures provisions, changing definitions, raising a dollar threshold to $3,000 (as CPI-adjusted), and requiring financial institutions to retain transaction records identifiable to customers.
Several specific BSA sections and an entire subchapter are repealed or struck.
Sweeping, controversial changes with significant stakeholder opposition, few compromise features, and complex implementation make enactment unlikely based only on text.
Relative to its intended legislative type, this bill makes broad substantive changes to federal financial privacy and Bank Secrecy Act authorities by replacing certain confidentiality provisions and striking numerous statutory sections, but it provides limited implementation detail, no fiscal/resourcing discussion, and no new oversight or transitional provisions.
Privacy vs. enforcement: liberals emphasize civil-liberty gains; centrists worry about AML gaps.
These are examples from the analysis, not a ranked list of the most-affected groups.
Privacy vs. enforcement: liberals emphasize civil-liberty gains; centrists worry about AML gaps.
Likely to welcome stronger legal privacy protections for customer financial records, but worried about weakening anti‑money‑laundering (AML) and public‑safety tools.
Support contingent on safeguards that preserve effective AML, sanctions, and investigations.
Some impacts on enforcement are uncertain from the bill text.
A pragmatic view: values stronger privacy but also prioritizes maintaining workable AML, sanctions, and law‑enforcement capacity.
Likely to see the bill as a substantial restructuring that needs clarifying fixes, cost estimates, and narrow carve-outs for critical investigations.
Likely to view the bill favorably as a rollback of federal overreach into private financial data and a reduction in regulatory burdens.
Support is tempered by any national-security concerns but overall sees stronger warrant protections as limiting intrusive federal authority.
Reached or meaningfully advanced
Reached or meaningfully advanced
Still ahead
Still ahead
Still ahead
Sweeping, controversial changes with significant stakeholder opposition, few compromise features, and complex implementation make enactment unlikely based only on text.
The bill has not accumulated any surfaced votes yet.
Privacy vs. enforcement: liberals emphasize civil-liberty gains; centrists worry about AML gaps.
Sweeping, controversial changes with significant stakeholder opposition, few compromise features, and complex implementation make enactment…
Relative to its intended legislative type, this bill makes broad substantive changes to federal financial privacy and Bank Secrecy Act authorities by replacing certain confidentiality provisions and striking numerous st…
Go beyond the headline summary with full stakeholder mapping, legislative design analysis, passage barriers, and lens-by-lens tradeoff breakdowns.