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NCJ Number: 69119 Add to Shopping cart Find in a Library
Title: FEDERAL AGENCIES' INITIAL PROBLEMS WITH THE RIGHT TO FINANCIAL PRIVACY ACT OF 1978
Corporate Author: US Comptroller General
United States of America
Date Published: 1980
Page Count: 73
Sponsoring Agency: Azimuth Inc.
Fairmont, WV 26554
US Comptroller General
Washington, DC 20548
Sale Source: Azimuth Inc.
1000 Technology Drive, Suite 3120
Fairmont, WV 26554
United States of America
Language: English
Country: United States of America
Annotation: A REPORT BY THE U.S. COMPTROLLER GENERAL EVALUATES THE EFFORTS OF 18 FEDERAL AGENCIES IN IMPLEMENTING THE FINANCIAL PRIVACY ACT OF 1978, DURING THEIR FIRST 6 MONTHS OF OPERATION UNDER THE ACT.
Abstract: EFFECTIVE MARCH 1979, THE FINANCIAL PRIVACY ACT ESTABLISHED PROCEDURES FEDERAL AGENCIES MUST FOLLOW TO OBTAIN ACCESS TO FINANCIAL RECORDS OF CUSTOMERS AT FINANCIAL INSTITUTIONS, INCLUDING 5,000 BANKS, ABOUT 4,600 SAVINGS AND LOAN ASSOCIATIONS, CREDIT UNIONS, AND CREDIT CARD ISSUERS. AGENCY EFFORTS TO COMPLY WITH THE ACT HAVE GENERALLY BEEN SUCCESSFUL. AGENCIES HAVE ISSUED REGULATIONS, REVISED MANUALS AND PROCEDURES, INSTRUCTED EMPLOYEEES IN THE PROVISIONS OF THE ACT, DEVELOPED FORMS, AND TAKEN STEPS TO COMPILE REQUIRED EVALUATION DATA. IN ADDITION, SOME AGENCIES HAVE PROVIDED INSTRUCTIONS TO FINANCIAL INSTITUTIONS. HOWEVER, IT IS TO SOON FOR THE GENERAL ACCOUNTING OFFICE TO ASSESS WHETHER THESE EFFORTS WILL ASSURE FUTURE COMPLIANCE WITH THE ACT. NONETHELESS, MOST AGENCIES APPEAR TO BE MAKING REASONABLE PROGRESS IN MEETING ITS REQUIREMENTS. THE SIGNIFICANCE OF INITIAL PROBLEMS IN IMPLEMENTING THE ACT CANNOT BE DETERMINED, BUT MAY BE ATTRIBUTABLE TO THE NEWNESS OF THE ACT ITSELF. THESE PROBLEMS CENTERED AROUND (1) CONTROVERSY BETWEEN SOME SUPERVISORY AGENCIES AND FEDERAL LAW ENFORCEMENT AGENCIES OVER THE INTERPRETATION OF CRIMINAL REFERRAL PROCEDURES, (2) REFUSAL BY FINANCIAL INSTITUTIONS TO PROVIDE SUFFICIENT DATA ON SUSPECTED CRIMINAL VIOLATIONS TO LAW ENFORCEMENT AGENCIES, (3) REFUSAL BY FINANCIAL INSTITUTIONS TO HONOR THE FORMAL WRITTEN REQUESTS FOR INFORMATION BY FEDERAL LAW ENFORCEMENT AGENCIES, AND (4) UNCERTAINTY OVER WHETHER BANKING SUPERVISORY AGENCIES HAVE THE AUTHORITY TO EXCHANGE INFORMATION DERIVED FROM CUSTOMER RECORDS. AGENCY COMMENTS ON THIS REPORT ARE APPENDED.
Index Term(s): Confidential records access; Financial institutions; Laws and Statutes; Legal privacy protection; Privacy and security; Privileged communications; US Government Accountability Office (GAO)
Note: REPORT BY THE COMPTROLLER GENERAL OF THE UNITED STATES
To cite this abstract, use the following link:
http://www.ncjrs.gov/App/publications/abstract.aspx?ID=69119

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