Section 1 Short title
This Act may be cited as the “Protecting Financial Privacy Act of 2021”.
Protecting Financial Privacy Act of 2021
A BILL
To prohibit any Federal agency from requiring financial institutions to report on the financial transactions of their customers.
Sec. 2 Prohibiting Federal agencies from requiring financial institutions to report on financial transactions of customers
In general— No Federal agency (including the Department of the Treasury) shall be permitted to create, implement, or administer any financial account information reporting program that would require financial institutions or individuals to report data on financial accounts in an information return listing balances, transactions, transfers, or inflows or outflows of any kind.
Exceptions— Subsection (a) shall not apply to—
any law or regulation in effect on September 1, 2021; or
the Bank Secrecy Act, except that subsection (a) shall apply to any regulations issued pursuant to the Bank Secrecy Act after September 1, 2021.
Bank Secrecy Act defined— In this section, the term Bank Secrecy Act means—
section 21 of the Federal Deposit Insurance Act (12 U.S.C. 1829b);
chapter 2 of title I of Public Law 91–508 (12 U.S.C. 1951 et seq.); and
subchapter II of chapter 53 of title 31, United States Code.