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H.R. 1602 · 119th Congress

Financial Privacy Act of 2025

Introduced Feb 26, 2025Policy area: Finance and Financial Sector

Read the textOn Congress.gov

Status: In committee

  1. Introduced
  2. Committee
  3. Passed House
  4. Passed Senate
  5. To President
  6. Law

Latest action

: Placed on the Union Calendar, Calendar No. 14.

Summary

Financial Privacy Act of 2025

This bill requires the Department of the Treasury to annually report to Congress details of reports made to the Financial Crimes Enforcement Network (FinCEN). FinCEN collects reports on suspicious financial transactions and the beneficial ownership of companies in order to detect financial crimes, including money laundering.

Under the bill, FinCEN must report on the number and types of reports and whether they are retained by FinCEN, any guidance regarding outside agency access to these reports, agency requests for these reports, and any denials of access to these reports.

Treasury must annually review access guidance and revise as appropriate to protect the legal rights of U.S persons, among other objectives.

Summary by the Congressional Research Service.

Actions

  1. House

    Placed on the Union Calendar, Calendar No. 14.

  2. House

    Reported (Amended) by the Committee on Financial Services. H. Rept. 119-24.

  3. House

    Ordered to be Reported (Amended) by the Yeas and Nays: 48 - 0.

  4. House

    Committee Consideration and Mark-up Session Held

  5. House

    Referred to the House Committee on Financial Services.

  6. Introduced in House