Sponsors
The bill shifts the balance toward stronger financial privacy, reduced federal data centralization, and lower compliance burdens for many entities, but does so at the cost of reduced surveillance and investigative capabilities for law enforcement and regulators, transitional disruption (especially to market surveillance systems), and new litigation and enforcement trade-offs.
Bank customers and the public: strengthens financial privacy by requiring greater legal process and by prohibiting broad federal collection/centralization of personally identifiable financial data, narrowing government access to individual financial records.
Individuals whose financial records are wrongfully accessed: creates statutory remedies (minimum damages per violation, attorney's fees, equitable relief) and criminal penalties that increase accountability and make it easier to obtain relief for privacy harms.
Banks, payment platforms, and many small sellers/merchants: reduces reporting and recordkeeping burdens (repeals/limits certain BSA requirements, raises TPSO reporting thresholds, and narrows some regulatory reach), lowering compliance costs for institutions and some small businesses.
Law enforcement and national-security operations: substantially restricts access to financial records and centralized data tools (warrant requirements, narrowed reporting, and bans on centralized PII databases), potentially slowing or impeding criminal, fraud, counterterrorism, and national-security investigations.
The public and victims of financial crime: reduces systemic detection and reconstruction capabilities (by curtailing reporting requirements, raising TPSO thresholds, and eliminating the CAT), increasing the risk that money laundering, terrorist financing, large-scale fraud, and market abuse go undetected.
Market surveillance vendors and firms that built the CAT: immediate termination and required disgorgement of CAT fees create operational disruption, transition costs, and data-loss risks for firms and compliance programs that relied on the CAT.
Based on analysis of 16 sections of legislative text.
Introduced March 14, 2025 by Andy Ogles · Last progress March 14, 2025
Limits federal access to consumer financial records by generally requiring a search warrant for those records and repeals or narrows many Bank Secrecy Act provisions; adds criminal, civil, and equitable remedies for unlawful access. Orders the SEC to terminate the Consolidated Audit Trail, bars the Federal Reserve from issuing or holding a retail central bank digital currency (CBDC), expands congressional oversight of federal rulemaking, raises certain third‑party payment reporting thresholds, and protects individuals’ use of convertible virtual currency and self‑hosted wallets.