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.


continue reading »

More News