To provide that the "Know Your Customer" regulations proposed by the Federal banking agencies may not take effect unless such regulations are specifically authorized by a subsequent Act of Congress and to require the Federal banking agencies to conduct a comprehensive study on various economic and privacy issues raised by the proposed regulations and submit a report on such study to the Congress, and for other purposes.
American Financial Institutions' Privacy Act of 1999 - Precludes the Secretary of the Treasury and any Federal banking agency from prescribing any "Know Your Customer" regulation (a regulation requiring any depository institution to determine a customer's identity, sources of funds, and normal transactions and to monitor account activity for inconsistent transactions) unless specifically authorized to do so by a subsequent Act of Congress.
Requires the Secretary and the Federal banking agencies to jointly conduct a comprehensive study and report to the Congress on the impact of such regulations upon certain civil liberties and financial relationships, the economic burden of such regulations on small depository institutions, and the practical alternatives.
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR E133-134)
Referred to the House Committee on Banking and Financial Services.
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
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