What is the Right to Financial Privacy Act of 1978 (RFPA)?

The RFPA places limitations on the ability of the Federal Government to seek financial records about an individual from banks or other financial institutions. The RFPA applies only to the Federal Government. It does not govern requests for financial records made by private businesses or state or local governments. Further, the RFPA only protects the records of individuals and partnerships with 5 or fewer partners. It does not protect the financial information of other business entities. The Federal Government may access such records in the following instances:

the customer authorizes access; there is an appropriate administrative subpoena or summons; there is a qualified search warrant; there is an appropriate judicial subpoena; or there is an appropriate written request from an authorized government authority.

If the Federal Government seeks to obtain these records, it must notify the individual whose records are requested. The customer then has 10 days from the date of written notice to challenge the disclosure. The RFPA allows for statutory damages of $100 for each violation.

Note: The FRPA allows for disclosure without notice to the individual consumer in a number of instances, including use in a civil or criminal proceeding or certain national security investigations.

Related Topics

• Consumer Protection Law (Intro)
• What is consumer protection law?
• Cooling Off Rule
• What major federal laws protect consumers?
• What is the Federal Trade Commission
• Enforcement procedures of the FTC?
• Penalties for violating FTC regulations?
• Commercial Practices Prohibited by FTC?
• Unfair Trade Practices 
  
• Predatory Pricing
• Bait & Switch
• Lemon Laws
• Consumer Financial Protection Bureau
• What is the Fair Credit Reporting Act?
• Users of Information?
• Credit Reporting Agency Consumers
• Reporting Agencies?
• Consumer Reporting Agency
• Furnishers of Information?
• Enforcement?
• Truth in Lending Act
• Fair Debt Collection Practices Act
• Fair Credit Billing Act
• Electronic Funds Transfer Act
• Electronic Funds Transfers (EFT)
• Equal Credit Opportunity Act
• Regulation B
• Consumer Credit Protection Act
• Consumer Advisory Council
• Consumer Financial Protection Act
  
• Consumer Product Safety Act
• Consumer Product Labeling Laws
• Credit Repair Organization Act
• Federal Food, Drug, and Cosmetic Act
• Magnuson-Moss Warranty Act
• Privacy Act of 1974 (Privacy Act)
• Personally Identifiable Information
• Right to Financial Privacy Act of 1978 (RFPA)
• Electronic Communication Privacy Act of 1986 (ECPA)
• Childrens Online Privacy Protection Act of 1986 (COPPA)
• Privacy Policy
• CAN SPAM Act
• What role do states play in Consumer Protection?