H.R. 1602, titled the “Financial Privacy Act of 2025,” aims to increase transparency and protections concerning reports filed under the Bank Secrecy Act (BSA). The bill mandates the Secretary of the Treasury to annually report to Congress detailed information about these...
Simple Explanation
H.R. 1602 wants to make sure the rules for how banks keep and share secret information are clearer and safer, like making sure they check every year if they’re doing a good job at protecting this information and telling Congress about it. In seven years, they will stop doing this unless new rules are made.