The government would have to tell Congress every year how much financial data it collects from banks and who gets access to it. Treasury, intelligence, and law enforcement agencies must regularly review and tighten the rules for accessing that data, with privacy protections for Americans. These requirements expire in seven years.
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Financial Privacy Act of 2025 is a House bill waiting for floor action. The latest recorded action: Placed on the Union Calendar, Calendar No. 14.
Latest action on H.R. 1602: Placed on the Union Calendar, Calendar No. 14.
Who this affects: This bill primarily affects the Treasury Department, FinCEN, and the intelligence and law enforcement agencies that access financial data. It also strengthens Congress's ability to oversee how that data is used. For ordinary Americans whose financial information is captured in Bank Secrecy Act reports, the bill aims to create better safeguards around who can see their data and why. Financial institutions that file these reports are not directly impacted — the bill does not change what they must report or when.
Why this matters: The government collects massive amounts of financial data on Americans through Bank Secrecy Act reports — including suspicious activity reports and large cash transactions. This data is powerful for fighting crime, but it also creates serious privacy risks when it covers people who are not suspected of anything. This bill would give Congress its first regular, detailed look at how much data is collected, who accesses it, and what rules are in place to prevent misuse. The mandatory annual reviews are designed to keep those rules current and focused on protecting civil liberties.
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