Right to Financial Privacy

The Right to Financial Privacy Act of 1978 provides customers of financial institutions with a reasonable amount of privacy for their financial records from the federal government. The Act includes rules about the process federal government authorities must follow and compliance requirements for banks responding to and keeping records of the requests.

Banks are entrusted with customers’ personal data and must safeguard this data from being released in error or without authority. This course will discuss the documentation that the federal authorities must provide to banks when requesting financial information and the requirements of banks to respond.

This course is intended for bank personnel that handle the processing of federal government requests for customer financial records — typically operations and compliance personnel.

Learning Objectives:

• Ensure you have the proper documentation from a government authority in order to process a request for financial information of a customer
• Retain the appropriate records for all requests
• Understand when you may be reimbursed for the banks involvement in responding to a request

Course Outline:

• Introduction
• Requirements
• Exceptions
• Recordkeeping & Liability
• Cost Reimbursement

Rev–Jun. 2021. Course length ≈ 20 minutes. This course is worth 0.5 CPE credits.