Protecting Financial Privacy Act of 2021

Bill: 117-hr-5451
Sponsor: full_name: Rep. Hinson, Ashley [R-IA-1]
Introduced: 2021-09-30
Policy area: Finance and Financial Sector
Latest action: action_date: 2021-09-30
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2021-09-30
action_desc: Introduced in House
text: <p><strong>Protecting Financial Privacy Act of 2021 </strong></p> <p>This bill prohibits a federal agency from creating, implementing, or administering a program that requires financial institutions or individuals to report on the balances of, transactions involving, or transfers into and out of financial accounts. </p> <p>This prohibition does not apply to laws or regulations in effect on September 1, 2021, or to the Bank Secrecy Act (laws that require financial institutions and other entities to report on certain financial transactions to prevent money laundering, the financing of terrorism, and other criminal activity). This prohibition does apply, however, to regulations issued under the Bank Secrecy Act after September 1, 2021.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 5451 IN THE HOUSE OF REPRESENTATIVES September 30, 2021 Mrs. Hinson introduced the following bill; which was referred to the Committee on Financial Services A BILL To prohibit any Federal agency from requiring financial institutions to report on the financial transactions of their customers.

1. Short title This Act may be cited as the Protecting Financial Privacy Act of 2021 . 2. Prohibiting Federal agencies from requiring financial institutions to report on financial transactions of customers (a) In general No Federal agency (including the Department of the Treasury) shall be permitted to create, implement, or administer any financial account information reporting program that would require financial institutions or individuals to report data on financial accounts in an information return listing balances, transactions, transfers, or inflows or outflows of any kind. (b) Exceptions Subsection (a) shall not apply to— (1) any law or regulation in effect on September 1, 2021; or (2) the Bank Secrecy Act, except that subsection (a) shall apply to any regulations issued pursuant to the Bank Secrecy Act after September 1, 2021. (c) Bank Secrecy Act defined In this section, the term Bank Secrecy Act means— (1) section 21 of the Federal Deposit Insurance Act ( 12 U.S.C. 1829b ); (2) chapter 2 of title I of Public Law 91–508 ( 12 U.S.C. 1951 et seq. ); and (3) subchapter II of chapter 53 of title 31, United States Code.