What is the requirement of the Right to Financial Privacy Act?

The requirement of the Right to Financial Privacy Act is centered around the protection of the privacy of individuals in their financial dealings. Specifically, it mandates that financial institutions must obtain customer consent before disclosing any financial records to government authorities. This means that individuals have the right to control who can access their financial information, reinforcing their privacy rights.

The Act is designed to promote transparency and accountability within financial institutions while also safeguarding customer data from unauthorized access. By requiring consent before a financial institution can release information to authorities, it ensures that consumers are informed and have a degree of control over their personal financial information.

Other options do not accurately represent the core requirement of the Act. For instance, releasing financial information to the public contradicts the law’s intent to protect privacy. Similarly, ensuring accurate record-keeping and regulating interest rates for loans does not pertain to the privacy and consent aspects that the Right to Financial Privacy Act focuses on.