H.R. 533 explained · 119th Congress · Pending in Congress
Bank Privacy Reform Act
Cosponsors: 1 (0 D, 1 R) · per Congress.gov, 2026-10-12
Introduced: 2025-01-16
Latest action (2025-01-16): Referred to the House Committee on Financial Services.
What H.R. 533 does, in plain terms
Bank Privacy Reform Act This bill eliminates provisions that require financial institutions to report certain financial information to specified government agencies. Currently, financial institutions are required to report certain financial transactions (e.g., transfers of over $10,000) for the purpose of detecting illicit activity, such as money laundering or the financing of terrorism. Under the bill, such records are only obtainable through a search warrant. The bill also eliminates reporting requirements related to the beneficial ownership of certain corporate entities.
Official summary by the Congressional Research Service, via Congress.gov.
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