This release describes the Right to Financial Privacy Act.
The Right to Financial Privacy Act of 1978 (“RFPA”) became effective on March 10, 1979. It was enacted because customers of financial institutions (including members of credit unions have a right to expect that their financial activities have a reasonable amount of privacy from federal government scrutiny. RFPA establishes specific procedures for government authorities that seek information about a customer’s financial records from a financial institution. It also imposes limitations and duties on financial institutions prior to the release of information sought by federal government agencies.