Understanding the Right to Financial Privacy Act of 1978

The video explains a federal law that protects individuals' privacy in financial records from government intrusion. It applies to individuals and small partnerships, allowing the government to request records only for permissible purposes like investigations or with a warrant. The government must provide a 10-day notice before accessing records, allowing individuals to dispute the request. Penalties apply for non-compliance, with exceptions for criminal or national security investigations.

Which entities are restricted by the federal law from accessing financial records?

• State governments

• Private companies

• Local governments

• Federal government

Who is protected under the federal law concerning financial records?

• Only individuals

• Large corporations

• Individuals and small business partnerships

• State governments

What must the government provide before accessing an individual's financial records?

• A 5-day notice

• A 10-day notice

• No notice required

• Immediate access

What is the penalty for unauthorized disclosure of financial records?

• $50 per incident

• No penalty

• $200 per incident

• $100 per incident

In which cases is the 10-day notice requirement exempted?

• Civil investigations

• National security investigations

• Tax audits

• Routine checks