Saving Privacy Act

Rewrites large parts of federal financial-privacy and supervisory law to tighten individuals’ financial privacy, restrict certain federal financial surveillance tools, and limit government control of some digital-money and market-data systems. It generally requires greater court authorization for government access to bank records, ends the Consolidated Audit Trail, bars the Federal Reserve and related agencies from issuing a retail central bank digital currency, raises third-party payment-reporting thresholds, strengthens criminal and civil penalties for improper access to financial records, and protects the right of people to use and self-custody convertible virtual currency.

The bill also changes rulemaking oversight by increasing congressional review and requiring cost studies of rules, orders regulators to wind down certain programs and reimburse collected fees, and updates record-retention and Bank Secrecy Act provisions. Together these provisions affect banks, payment processors, securities firms, federal regulators, law enforcement access to financial data, and users of cryptocurrencies and self-hosted wallets.