Skip to content
GeoDataVision
Learn More - Click Here!

Thread Options
#1433656 - 08/24/10 08:41 PM Right to Financial Privacy Act
Bec Offline
Diamond Poster
Bec
Joined: Jul 2010
Posts: 1,114
The Great White North
So I am doing this little work up for the bank newsletter about this act and am wondering how I can explain this exception:
Disclosure pursuant to Federal statute or rule promulgated thereunder
Nothing in this chapter shall authorize the withholding of financial records or information required to be reported in accordance with any Federal statute or rule promulgated thereunder

I get that we do need to have customer authorization when info is being sought after by the IRS puruent to Title 26. But what they heck does this one mean? Anyone got any way I can word this so even a newbie like me can understand it?
_________________________
Go Packers

Return to Top
#1433714 - 08/24/10 10:28 PM Re: Right to Financial Privacy Act Bec
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
* If the bank is required by law to make a disclosure; e.g. file 1099INTs or CTRs, obviously the RFPA does not prevent that disclosure.

* The Internal Revenue Code has protections for taxpayer disclosures that are similar to those in the RFPA so the RFPA simply does not apply to IRS requests for customer information.
_________________________
In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.

Return to Top
#1434130 - 08/25/10 05:40 PM Re: Right to Financial Privacy Act Elwood P. Dowd
Bec Offline
Diamond Poster
Bec
Joined: Jul 2010
Posts: 1,114
The Great White North
Thank you...well explained!
_________________________
Go Packers

Return to Top

Moderator:  Lestie G