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.

What are the permissible purposes for which the government can request financial information?

What penalties can occur for failure to provide notice before accessing records?