What is the primary legislative purpose of the Right to Financial Privacy Act (RFPA)?

The Right to Financial Privacy Act (RFPA) is primarily focused on protecting the privacy of individuals' financial information held by financial institutions. This legislation was enacted to ensure that consumers’ financial records are not disclosed without their consent, except under certain circumstances defined by the law.

The RFPA establishes the rights of individuals to be notified when their financial records are requested by government agencies and provides a framework that financial institutions must follow to handle such requests. This is a crucial component of privacy law, guaranteeing that personal financial data is not accessed arbitrarily by authorities, thereby reinforcing consumer trust in financial institutions.

Other options, while related to financial activities or institutions, do not capture the core intention of the RFPA, which is explicitly centered on the protection of individual privacy with respect to their financial information. The Act is not primarily about national security cooperation, limiting bank liability, or asserting ownership over financial records, but rather prioritizes the privacy rights of consumers in their financial dealings.