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Right to Financial Privacy Act (RTFPA)The Right to Financial Privacy Act (RTFPA) of 1978 protects bank customers from the unlawful scrutiny of their financial records by federal agencies and specifies procedures that government authorities must follow when they seek information about a customer's financial records from a financial institution.RTFPA was enacted because financial institution customers have a right to expect that their financial activities have a reasonable amount of privacy from federal government scrutiny. The Act establishes specific procedures for government authorities which seek information from a financial institution about a customer's financial records and imposes limitations and duties on financial institutions prior to the release of information sought by government agencies. Prior to the Act, customers could not challenge government access to their financial records. Nor did the customer have any way of knowing that personal records were being turned over to a government authority. In United States versus Miller, 425 U.S. 435(1976), the Supreme Court held that financial records, because they are kept by the institution, are the property of the institution rather than the customer. As such, the customer had no protectable legal interest in records kept by the financial institution, nor could he or she limit government access to those accounts. It was principally in response to this decision that the RTFPA was adopted. The RTFPA generally requires that the customer must receive:
Certain exceptions apply which allow for delayed notice or no notice to be given to the customer. For more information on federal credit regulations and consumer rights go to the Federal Trade Commission (FTC) website at www.ftc.gov or www.federalreserve.gov Some state laws may provide you with additional rights. For information go to the website of the National Association of Attorneys General (NAAG) at www.naag.org. |
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