Compliance: Requirements of Right to Financial Privacy Act
A question was recently posed to CUNA’s compliance staff about the Right to Financial Privacy Act (RFPA).
Specifically, if a federal government agency requests financial information on a member, what type of documentation is required before turning information over?
According to the act, a credit union should not release the records of a member unless the requesting agency provides:
- A signed authorization from the member;
- A search warrant;
- A judicial subpoena;
- A summons or administrative subpoena; or
- a formal written request.
The government agency must give a certification to the credit union that it has complied with the RFPA.
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