Financial Privacy Act of 2025
The source supplies the latest action, but no lifecycle stage.
Latest action (21 Mar 2025): Placed on the Union Calendar, Calendar No. 14.
What this bill does
H.R. 1602, the Financial Privacy Act of 2025, would require the Department of the Treasury to submit annual reports to Congress detailing information collected by the Financial Crimes Enforcement Network (FinCEN). These reports would include the number and types of financial reports filed, how many are retained, and any guidance provided to other agencies on accessing this data. The Treasury would also need to report on agency requests for this information, any denials, and updates to access protocols.
The bill affects U.S. persons by requiring the Treasury to review and revise access guidance to protect their legal rights, including privacy. It also addresses Congress's oversight of FinCEN's data collection and usage, which includes reports on suspicious financial transactions and beneficial ownership information of companies.
This bill has been ordered reported, amended, by the House Committee on Financial Services. It was ordered to be printed and committed to the Committee of the Whole House on the State of the Union.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Timeline
21 Mar 2025
Placed on the Union Calendar, Calendar No. 14.
Common questions
- What does H.R. 1602 do?
- H.R. 1602, the Financial Privacy Act of 2025, would require the Department of the Treasury to submit annual reports to Congress detailing information collected by the Financial Crimes Enforcement Network (FinCEN). These reports would include the number and types of financial reports filed, how many are retained, and any guidance provided to other agencies on accessing this data. The Treasury would also need to report on agency requests for this information, any denials, and updates to access protocols. The bill affects U.S. persons by requiring the Treasury to review and revise access guidance to protect their legal rights, including privacy. It also addresses Congress's oversight of FinCEN's data collection and usage, which includes reports on suspicious financial transactions and beneficial ownership information of companies. This bill has been ordered reported, amended, by the House Committee on Financial Services. It was ordered to be printed and committed to the Committee of the Whole House on the State of the Union.
- Has H.R. 1602 become law?
- The source does not supply a confirmed lifecycle stage for H.R. 1602. Check the latest action and official source below.
- Who sponsored H.R. 1602?
- H.R. 1602 was sponsored by Rep. Davidson, Warren [R-OH-8] (R-OH), with 1 cosponsor.
- What's the latest action on H.R. 1602?
- Placed on the Union Calendar, Calendar No. 14. (21 Mar 2025).
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