Bank Privacy Reform Act

# Bank Privacy Reform Act Summary **What the Bill Would Do** The Bank Privacy Reform Act would change how financial institutions report customer information to government agencies. Currently, banks must report large transactions (like transfers over $10,000) to authorities to help detect illegal activities such as money laundering and terrorist financing. This bill would eliminate those automatic reporting requirements and instead require the government to obtain a search warrant before accessing such records.

The bill would also remove requirements for banks to report information about who actually owns certain corporations. **Who It Affects and Current Status** This bill would affect banks and financial institutions (which would no longer have certain reporting obligations), government law enforcement agencies (which would need warrants to access transaction data), and potentially anyone using financial services. The bill is currently in committee, meaning it has been introduced but has not yet been debated or voted on by the full House of Representatives. As a result, it has not become law.