Bank Privacy Reform Act

This proposal would change how the government can get your bank records. It would stop automatic bank reports on certain transactions (like transfers over $10,000) and instead require a search warrant for the government to access your specific records. Banks would still have to keep transaction records, but agencies could only get them with a warrant.

It would also remove the rule that many companies must report their real owners to a federal database.

• Who is affected: bank customers; banks and credit unions; people who own or run companies like LLCs or corporations.
• What changes: ends routine bank reports to the government; requires a search warrant for access to your financial records; eliminates federal “beneficial owner” reporting; keeps record‑keeping by banks.