S. 2857Senate117th Congress (2021-2023)In Committee

Protecting Financial Privacy Act of 2021

Introduced September 27, 2021

AI-Generated Summary

Updated February 8, 2026 at 6:57 AM UTC

The Protecting Financial Privacy Act of 2021 seeks to shield customers’ financial information by stopping federal agencies from forcing banks to report transaction details. It overrides the Bank Secrecy Act, barring any agency—including the Treasury—from creating or running reporting programs that require financial institutions or individuals to disclose account balances, transfers, or other transaction data. The bill mainly impacts federal agencies, financial institutions, and ultimately the privacy of their customers.

Key Provisions

  • Prohibits any federal agency from requiring financial institutions to report customers' financial transaction information, regardless of existing Bank Secrecy Act requirements.
  • Specifically bars the creation, implementation, or administration of any reporting program that would collect account balances, transactions, transfers, or inflows/outflows from banks or individuals.

Legislative Activity

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1 earlier action
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S6705-6707)

September 27, 2021

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SenateIntro Referral

Introduced in Senate

September 27, 2021

SenateIntro Referral

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S6705-6707)

September 27, 2021

Floor Debate

13 members

What members said about S. 2857 on the floor

10 Republicans3 Democrats
Richard J. Durbin
Sen. Richard J. DurbinD-IL · Sep 27, 2021

Madam President, I ask unanimous consent that the order for the quorum call be rescinded. Madam President, you remember the day--you will never forget it--January 6. Here we were in this Chamber in…

Tommy Tuberville
Sen. Tommy TubervilleR-AL · Sep 27, 2021

Mr. President, you know, these days, information is only a few clicks away on your computer, and there is more information to be consumed than there are hours in the day. It is information overload,…

Mitch McConnell
Sen. Mitch McConnellR-KY · Sep 27, 2021

Madam President, I am glad to share that, a few minutes ago, I received a booster vaccination for COVID-19. All throughout the pandemic, I have followed the best advice from experts and especially…

Patrick J. Leahy
Sen. Patrick J. LeahyD-VT · Sep 27, 2021

Madam President, I know the speeches on the other side have gone a little longer than we expected, so I ask unanimous consent that I have time to complete my statement on the continuing resolution…

Chuck Grassley
Sen. Chuck GrassleyR-IA · Sep 27, 2021

Madam President, I ask unanimous consent that the order for the quorum call be rescinded. Madam President, in recent days, much has been said about Afghanistan. I spoke about it last time on…

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Marsha Blackburn
Sen. Marsha BlackburnR-TN · Sep 27, 2021

Madam President, I ask unanimous consent that the order for the quorum call be rescinded. Madam President, I have noticed over the past few months that my Democratic colleagues have developed a habit…

John Cornyn
Sen. John CornynR-TX · Sep 27, 2021

Madam President, I ask unanimous consent that the order for the quorum call be rescinded. Madam President, later this evening, the Democrat- controlled Senate will hold a vote on another…

Jerry Moran
Sen. Jerry MoranR-KS · Sep 27, 2021

Madam President, I ask unanimous consent that the order for the quorum call be rescinded. Madam President, I rise this afternoon to bring further attention to the growing humanitarian and national…

Richard C. Shelby
Sen. Richard C. ShelbyR-AL · Sep 27, 2021

Madam President, I had hoped to be standing here today making a statement in support of the bill before us. For weeks, Chairman Leahy and I, along with chairs and ranking members of the subcommittees…

Charles E. Schumer
Sen. Charles E. SchumerD-NY · Sep 27, 2021

I enter a motion to reconsider the failed cloture vote. Now, Mr. President, I want to make sure everyone understands exactly what has happened here on the Senate floor. The Republican Party has now…

John Kennedy
Sen. John KennedyR-LA · Sep 27, 2021

Madam President, I rise in support of Senator McConnell's legislation. On August 27, 2020, just 13 months ago, Hurricane Laura hit Louisiana. Forty-five days later, Hurricane Delta hit Louisiana.…

Bill Cassidy
Sen. Bill CassidyR-LA · Sep 27, 2021

Madam President, I rise supporting my colleague's proposal. This proposal provides disaster supplemental assistance relief for Southwest and Southeast Louisiana; it extends the National Flood…

John Thune
Sen. John ThuneR-SD · Sep 27, 2021

The following Senator is necessarily absent: the Senator from Nebraska (Mr. Sasse).

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Tommy Tuberville
Sen. Tommy TubervilleR-AL · Sep 27, 2021

I yield the floor.

Bill Text

Latest available legislative text

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Introduced in SenateIssued September 27, 2021

II

117th CONGRESS

1st Session

S. 2857

IN THE SENATE OF THE UNITED STATES

September 27, 2021

Mr. Tuberville introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

A BILL

To prohibit any Federal agency from requiring financial institutions to report on the financial transactions of their customers.

1.

Short title

This Act may be cited as the Protecting Financial Privacy Act of 2021.

2.

Prohibiting Federal agencies from requiring financial institutions to report on financial transactions of customers

(a)

In general

Notwithstanding the Bank Secrecy Act or any regulations promulgated under such Act (as in effect on September 1, 2021), no Federal agency (including the Department of the Treasury) shall be permitted to create, implement, or administer any financial account information reporting program that would require financial institutions or individuals to report data on financial accounts in an information return listing balances, transactions, transfers, or inflows or outflows of any kind.

(b)

Bank Secrecy Act

The term Bank Secrecy Act means—

(1)

section 21 of the Federal Deposit Insurance Act (12 U.S.C. 1829b),

(2)

chapter 2 of title I of Public Law 91–508 (12 U.S.C. 1951 et seq.), and

(3)

subchapter II of chapter 53 of title 31, United States Code.