Financial Privacy Act of 2025
Latest action (5 Mar 2025): Ordered to be Reported (Amended) by the Yeas and Nays: 48 - 0.
What this bill does
Generate a neutral, plain-English explanation of what this bill does, who it affects and what happens next — grounded in the official text.
Official 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.
Timeline
5 Mar 2025
Ordered to be Reported (Amended) by the Yeas and Nays: 48 - 0.
Common questions
- What does H.R. 1602 do?
- 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.
- Has H.R. 1602 become law?
- Not yet. As of 5 Mar 2025, H.R. 1602 is ordered reported.
- Who sponsored H.R. 1602?
- H.R. 1602 was sponsored by Rep. Warren Davidson [R-OH8] (Republican-OH), with 1 cosponsor.
- What's the latest action on H.R. 1602?
- Ordered to be Reported (Amended) by the Yeas and Nays: 48 - 0. (5 Mar 2025).
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