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American Financial Institutions' Privacy Act

Introduced: February 3, 1999 See on congress.gov
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 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 25, 1999
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Feb 3, 1999
Referred to the House Committee on Banking and Financial Services.
Feb 3, 1999
Sponsor introductory remarks on measure. (CR E133-134)
Feb 3, 1999
Introduced in House
 Plain-English summary Congressional Research Service

American Financial Institutions' Privacy Act of 1999 - Precludes the Secretary of the Treasury and any Federal banking agency from prescribing any "Know Your Customer" regulation (a regulation requiring any depository institution to determine a customer's identity, sources of funds, and normal transactions and to monitor account activity for inconsistent transactions) unless specifically authorized to do so by a subsequent Act of Congress.

Requires the Secretary and the Federal banking agencies to jointly conduct a comprehensive study and report to the Congress on the impact of such regulations upon certain civil liberties and financial relationships, the economic burden of such regulations on small depository institutions, and the practical alternatives.

What's happening now February 25, 1999

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

 Committees of jurisdiction 2
 Cosponsors 2
All 2 Republican 2