H.R. 533
119th CONGRESS 1st Session
To make reforms to the Bank Secrecy Act, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES · January 16, 2025 · Sponsor: Mr. Rose · Committee: Committee on Financial Services
Table of contents
SEC. 1. Short title
- This Act may be cited as the Bank Privacy Reform Act.
SEC. 2. Bank Secrecy Act reforms
- (a) Right to Financial Privacy Act of 1978
- The Right to Financial Privacy Act of 1978 () is amended— 12 U.S.C. 3401 et seq.
- Except as provided by subsection (c) or (d) of section 1103 or section 1113, no Government authority may have access to or obtain copies of, or the information contained in the financial records of any customer from a financial institution unless the financial records are reasonably described and such financial records are disclosed in response to a search warrant which meets the requirements of section 1106.
- by amending section 1102 to read as follows:
- by striking sections 1104, 1105, 1107, 1108, and 1114;
- in section 1109(a), by striking
section 1104(c), 1105(2), 1106(c), 1107(2), 1108(4),and insertingsection 1106(c); and - in section 1113, by striking subsections (c) through (r).
- The Right to Financial Privacy Act of 1978 () is amended— 12 U.S.C. 3401 et seq.
- (b) Title 31
- of title 31, United States Code, is amended— Chapter 53
- It is the purpose of this subchapter to require financial institutions to retain transaction records that include information identified with or identifiable as being derived from the financial records of particular customers.
- by amending section 5311 to read as follows:
- in section 5312(a)—
- in paragraph (3)—
- (i) in subparagraph (B), by adding at the end;
and - (ii) by striking subparagraph (C); and
- (iii) by redesignating subparagraph (D) as subparagraph (C); and
- means any entity engaged in trade or business other than a financial institution.
nonfinancial trade or business
- means any entity engaged in trade or business other than a financial institution.
- (i) in subparagraph (B), by adding at the end;
- by amending paragraph (4) to read as follows:
- in paragraph (3)—
- by striking sections 5313, 5314, 5315, 5316, 5317, 5318A, 5324, 5326, 5331, 5332, and 5336;
- in section 5318—
- in subsection (a)—
- (i) by striking ;
- (ii) by striking paragraph (2); and
- (iii) by redesignating paragraphs (3) through (7) as paragraphs (2) through (6), respectively; and
- in subsection (k)—
- (i) in paragraph (1)(C), by striking
has the same meaning as in section 5318A(e)(1)(B)and insertingmeans an account established to receive deposits from, make payments on behalf of a foreign financial institution, or handle other financial transactions related to such institution; and - (ii) in paragraph (3)(A)(i)—
- in subclause (II), by adding at the end;
or - in subclause (III), by striking and inserting a period; and
- by striking subclause (IV);
- (i) in paragraph (1)(C), by striking
- in subsection (a)—
- in section 5321—
- in subsection (a)—
- (i) in paragraph (1), by striking ;
- (ii) by striking paragraphs (2), (3), (4), and (5);
- (iii) in paragraph (6), by striking each place such term appears;
- (iv) in paragraph (7), by striking ; and
- (v) by redesignating paragraphs (6) and (7) as paragraphs (2) and (3), respectively;
- by striking subsection (c); and
- by redesignating subsections (d) through (g) as subsection (c) through (f), respectively;
- in subsection (a)—
- in section 5322—
- by striking each place such term appears; and
- in subsection (d)—
- (i) by striking ; and
- (ii) by striking ;
- in section 5325(a), by inserting after the following: ;
- in section 5330(d)(1)—
- in subparagraph (A), by adding at the end;
and - by striking subparagraph (B); and
- by redesignating subparagraph (C) as subparagraph (B);
- in subparagraph (A), by adding at the end;
- in section 5335—
- by striking subsection (c); and
- by redesignating subsections (d) and (e) as subsections (c) and (d), respectively;
- by striking subchapter III; and
- in the table of contents in chapter 53, by striking the items relating to—
- sections 5313, 5314, 5315, 5316, 5317, 5318A, 5324, 5326, 5331, 5332, and 5336; and
- subchapter III.
- of title 31, United States Code, is amended— Chapter 53