Reading Room Document

Questions Concerning the Right to Financial Privacy Act

This is a memorandum opinion addressing the Right to Financial Privacy Act of 1978 and its impact on the ability of bank supervisory agencies to report violations to the Department of Justice. The conclusions reached in the document are that a report based on a summary or analysis of a customer's financial records is considered a "financial record" under the Act. The Act restricts the dissemination of information obtained from financial records, but allows supervisory agencies to report possible criminal offenses to law enforcement agencies. The document also presents questions about the scope of information that may be included in a report to a law enforcement agency and the implied authority of supervisory agencies to report violations. The document concludes that a report based on a summary or analysis of a customer's financial records is considered a "financial record" under the Act. It also discusses the restrictions and permissions for supervisory agencies to report possible criminal offenses to law enforcement agencies. The questions presented for review include the scope of information that may be included in a report to a law enforcement agency and the implied authority of supervisory agencies to report violations.

May 22, 1979