Environmental Monitoring Report Act

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

States that a customer may authorize disclosure if he furnishes to the fiduciary institution a signed and dated statement which: (1) authorizes such disclosure for a period not in excess of one week; (2) does not contain any contractual or other provision not directly related to such authorization; and (3) identifies the specific financial records or the items of information contained in any financial records which are authorized to be disclosed unless such authorizations relate only to (A) a record of the customer's average balance for the preceding six months, (B) a record of the customer's current balance, and (C) a record of the customer's loan and overdraft repayments during the preceding six months.

Allows a fiduciary institution to disclose financial records pursuant to a court order only if: (1) the court order is issued upon a showing of probable cause which would be sufficient to support the issuance of a valid search warrant to obtain the financial records if the financial records were in the home of the customer, and (2) the court order is served upon the customer and upon the fiduciary institution at least twenty-one days prior to the date on which the records are to be disclosed.

Provides that the Secretary of the Treasury may not require an institution to maintain any financial records relating to customers unless: (1) such records are normally required for use by a supervisory agency in the supervision of that institution; (2) such records relate solely to international financial transactions; or (3) such records are required to be maintained under a provision of the Internal Revenue Code.

Establishes civil and criminal penalties for violations of the provisions of this Act.