Financial Privacy Act of 2025

House Bill

H.R. 1602

119th Congress

Financial Privacy Act of 2025

Placed on the Union Calendar, Calendar No. 14.

Introduced:Feb 26, 2025

Primary Sponsor

Danny K. Davis

Representative

Democratic

IL-7

Cosponsors

1

Quick Stats

Policy Area

Finance and Financial Sector

Summary

The Financial Privacy Act requires Treasury to annually report to Congress on reports made to FinCEN, including suspicious transaction reports and beneficial ownership filings. Reports must detail the number, types, agency access requests, and denials. Treasury must review access guidance annually.

Latest Action

Placed on the Union Calendar, Calendar No. 14.

AI Summary

Plain-English explanation of this bill

The Financial Privacy Act requires Treasury to annually report to Congress on reports made to FinCEN, including suspicious transaction reports and beneficial ownership filings. Reports must detail the number, types, agency access requests, and denials. Treasury must review access guidance annually.

Last updated: 1/5/2026

Official Summary

Congressional Research Service summary

Financial Privacy Act of 2025This 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.

Key Points

Main provisions of the bill

Requires annual Treasury reporting on FinCEN data
Covers suspicious activity and beneficial ownership reports
Details agency access requests and denials
Mandates annual review of access guidance
Aims to protect legal rights of U.S. persons

How This Impacts Americans

Potential effects on citizens and communities

Congress would have better oversight of how FinCEN financial crime data is collected, stored, and accessed. This addresses privacy concerns about the growing database of financial transaction reports.

Policy Areas

Primary Policy Area

Finance and Financial Sector

Related Subjects

Congressional oversight

Corporate finance and management

Fraud offenses and financial crimes

Government information and archives

Government studies and investigations

Right of privacy

Scope & Jurisdiction

Jurisdiction Level

federal

Congressional Session

119th Congress

Citation Reference

1602, 119th Congress (2025). "Financial Privacy Act of 2025". Source: Voter's Right Platform. https://votersright.org/bills/118-hr-1602