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Revises 26 U.S.C. 6050W(e) to require reporting of third party network transactions by a third party settlement organization only if (1) the amount which would otherwise be reported under subsection (a)(2) exceeds $20,000, and (2) the aggregate number of such transactions exceeds 200.
Conforming amendment: 26 U.S.C. 6050W(c)(3) is amended by striking specified text.
Modifies section 1108 by striking paragraph (2) and redesignating paragraphs (3) and (4) as paragraphs (2) and (3), respectively.
Alters section 1113 by repealing specified subsections (a), (d), (e), (f), (g), (i), (l), (m), (n), (p), (q), and (r) and by adding a new subsection (s) that prohibits the Federal Government from accessing financial records in a manner prohibited by the Fourth Amendment and states a congressional sense that the title establishes a statutory right protecting financial privacy expectations.
Replaces existing section 3402 to narrow permitted Government access to customer financial records to disclosures in response to a search warrant meeting the requirements of section 1106, except as provided by specified exceptions.
Strikes and removes section 3404 (customer authorization provisions) from the statute.
Strikes and removes section 3405 (administrative subpena and summons provisions) from the statute.
Strikes and removes section 3407 (judicial subpena provisions) from the statute.
Modifies subsection (a) to replace references to multiple notice-delay trigger sections with a single reference to section 1106(c).
Inserts a new section (1116A) after section 1116 of the Right to Financial Privacy Act establishing criminal penalties for knowingly obtaining or disclosing financial records in violation of the title, including fines up to $5,000, imprisonment up to 5 years, dismissal for convicted officers/employees, and a good-faith defense for financial institutions relying on a Government certificate or section 1113(l).
And 4 more affected sections...
Strengthens financial privacy, limits the government’s ability to obtain bank records without a warrant, overhauls financial record‑keeping laws, and adds tougher penalties for misuse of financial data. It also shuts down the SEC’s Consolidated Audit Trail and requires fee refunds, blocks the Federal Reserve and Treasury from issuing or offering a U.S. central bank digital currency to the public, and protects people’s use of self‑hosted crypto wallets for personal transactions. Further, it increases congressional control over major federal rules, calls for a Government Accountability Office study of the size and cost of the regulatory system, and restores the 1099‑K reporting threshold to over $20,000 and more than 200 transactions. Banks, consumers, federal regulators, payment platforms, brokers/dealers, and crypto users would all see meaningful changes.
Amends 12 U.S.C. 3402 (section 1102 of the Right to Financial Privacy Act) to state that no Government authority may access or obtain copies of a customer's financial records from a financial institution except as provided in specified subsections or unless the records are reasonably described and disclosed in response to a search warrant that meets the requirements of section 1106.
Strikes several sections of the Right to Financial Privacy Act, including sections 1104, 1105, 1107, and 1108 (as listed in the text).
In 12 U.S.C. 3409(a) (section 1109(a)), replaces a listed set of cross-references with a single reference to section 1106(c).
Rewrites 31 U.S.C. 5311 (Declaration of purpose) to state the purpose of the subchapter is to require financial institutions to retain transaction records that include information identified with or identifiable as derived from the financial records of particular customers.
In 31 U.S.C. 5312(a)(2), repeals subparagraphs (O), (Q), (S), (T), (V), (Y), and (Z).
Expand sections to see detailed analysis
Referred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, Rules, the Budget, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Introduced March 14, 2025 by Andy Ogles · Last progress March 14, 2025
BLOCK Act
Saving Privacy Act
No CBDC Act
No CBDC Act
Referred to the Committee on Financial Services, and in addition to the Committees on the Judiciary, Rules, the Budget, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Introduced in House
