HR 5451
Protecting Financial Privacy Act of 2021
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- Passed House
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Bill overview
This bill, the Protecting Financial Privacy Act of 2021, aims to prevent the federal government from requiring financial institutions to report on customer financial transactions. Specifically, it prohibits the creation or implementation of new programs that would demand this type of data reporting. However, the bill does not affect existing laws like the Bank Secrecy Act, except for regulations issued after September 1, 2021, under that Act. The goal is to safeguard customer financial privacy.
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