The Right to Financial Privacy Act (RFPA) was enacted in 1978 and deals with the disclosure of customer information by financial institutions. The RFPA requires that:
- Customers receive notice before financial institutions disclose the customers’ financial records to the government;
- Customers have a right to challenge release of their financial records to the government; and
- Government agencies show records of compliance with the RFPA.
The RFPA covers requests for financial records received from the federal government and its officers, agents, agencies, and department. It does not cover requests for financial records made by private businesses, state, or local governments. Learn more here.