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Standard Summary
Comprehensive overview in 1-2 paragraphs
S. 809, the Saving Privacy Act, amends the Right to Financial Privacy Act to strengthen confidentiality of financial records, impose criminal and civil penalties, and provide for mandamus relief.
Key Points
- 1Reinforces confidentiality of financial records and limits government access.
- 2Adds criminal penalties up to $5,000 and imprisonment for violations.
- 3Establishes civil penalties of at least $1,000 per violation per day.
- 4Provides for mandamus and other equitable relief.
- 5Requires financial institutions to comply with new reporting and privacy standards.
Impact Areas
Financial institutions and their employeesConsumers and account holdersGovernment agencies accessing financial recordsLegal and regulatory bodies overseeing privacy
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