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Summary and Statutes
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 It
should be noted at the outset that the so-called "Privacy
Act" itself (5
USC 552a) does not pertain to banks at all -- it
relates to federal government databases containing personal
(typically personnel) information. The Privacy
Act is outside the scope of this topic
Apart
from the Privacy Act, there are at least two separate
and distinct legal areas referenced under the general
rubric of "privacy" as it pertains to federal banking
law:
- Imposes restrictions
on the federal government's access to an individual's
financial records held by financial institutions
- Prohibits disclosure
by financial institutions of nonpublic financial
information and prohibits fraudulent access to financial
information
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Privacy-related Regulations
Commentary
Cases
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 California
Bankers Association v Schultz 416 US 21
1974
- Supreme Court
held that the Constitution did not protect the
privacy of personal information in records maintained
by business and government
United
States v Miller, 425 US 435 1976:
- Supreme Court
found that bank customers had no legal right
to privacy in financial information held by
financial institutions
Congressional
unhappiness with these two cases led to the
passage of RFPA
Individual
Response Service Group v FTC, 145 FSupp 2d 6
DC2001
- Attacking GLBA
regulations
- Target marketing;
opting out
United
States v MacKay, 608 F2d 830 10th Circ
1979
- RFPA does not
apply to IRS summons
United
States v Wilson, 571 F Supp 1417
SDNY 1983
- Court discussed
the substantive standards for disclosure under
Act, and explained that it grants bank customers
only a limited right to challenge subpoenas
served by federal agencies on banks and other
financial institutions
Lopez
v First Union National Bank of Florida , 129 F3d
1186 11th Cir 1997
- Disclosure pursuant
to a seizure warrant is permissible, but disclosure
to verbal instructions is not, because government-officials'
verbal instructions do not constitute other
legal authority
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