A bill to protect the constitutional rights of citizens of the United States and to prevent unwarranted invasions of privacy by prescribing procedures and standards governing the disclosure of information to Government agencies.

States the finding of the Congress that: (1) procedures and policies governing the relationship between fiduciary institutions and government agencies have in some cases developed without due regard to the constitutional rights of customers of those institutions; (2) the confidential relationships between fiduciary institutions and their customers must be preserved and protected; and (3) certain reporting and recordkeeping requirements imposed on fiduciary institutions by government agencies constitute a burden on interstate and foreign commerce.

Provides that a fiduciary institution may not disclose to any person except to the customer or his duly authorized agent any financial records relating to that customer of that fiduciary institution unless: (1) such customer has authorized, in accordance with this Act, disclosure to such person; or (2) such financial records are disclosed in response to a court order which meets the requirements of this Act.

Sets forth the conditions for authorization of disclosure of records as required for this Act. Provides for recordkeeping requirements under this Act.

Sets forth civil penalties for violations of this Act. Provides that any fiduciary institution which knowingly and willfully discloses financial records in violation of this Act shall be liable to the customer to whom such records relate in an amount equal to the sum of: (1) any actual damages sustained by the person as a result of the failure; (2) such punitive damages as the court may allow, except that such punitive damages shall be not less than $100; and (3) in the case of any successful action to enforce liability under this section, the cost of the action together with reasonable attorneys fees as determined by the court.

Sets forth criminal penalties for violations of this Act. Provides that whoever, being an officer or employee of a fiduciary institution, knowingly and willfully furnishes financial records in violation of this Act shall be guilty of a misdeameanor, and upon conviction shall be imprisoned for not more than one year or fined not more than $5,000 or both.

Provides that whoever knowingly and willfully induces or attempts to induce any officer or employee of a fiduciary institution to disclose financial records in violation of this Act, is guilty of a misdeameanor and upon conviction shall be imprisoned for not more than one year or fined not more than $5,000, or both.