Federal, State and Other Professional Regulations
Federal, State and Other Professional Regulations CPAs engaged to perform privacy advisory services and attestation engagements must follow the pertinent, laws, rules, and standards. This resource section provides an overview of developments on information privacy in the United States. It reviews the Safe Harbor Agreement with the European Union, Privacy Act of 1974, Electronic Freedom of Information Act 1996, Gramm-Leach-Bliley Act, Health Insurance Portability and Accountability Act, and Children's Online Privacy Protection Act. It also includes various State regulations, IRS Code and the AICPA Professional Code of Conduct.
CPAs engaged to perform privacy advisory services and attestation engagements must follow the pertinent, laws, rules, and standards. This resource section provides an overview of developments on information privacy in the United States. It reviews the Safe Harbor Agreement with the European Union, Privacy Act of 1974, Electronic Freedom of Information Act 1996, Gramm-Leach-Bliley Act, Health Insurance Portability and Accountability Act, and Children's Online Privacy Protection Act. It also includes various State regulations, IRS Code and the AICPA Professional Code of Conduct.
The Right to Financial Privacy Act (RFPA) of 1978 This Act protects the confidentiality of personal financial records by creating a statutory Fourth Amendment protection for bank records. The Act was essentially a reaction to the U.S. Supreme Court's 1976 ruling in United States v. Miller, where the Court found that bank customers had no legal right to privacy in financial information held by financial institutions. (Generally, the RFPA requires that federal government agencies provide individuals with a notice and an opportunity to object before a bank or other specified institution can disclose personal financial information to a federal government agency, often for law enforcement purposes. The RFPA was amended due to the USA Patriot Act of 2001: Section 358 of the U.S. Patriot Act amended the RFPA to permit the disclosure of financial information to any intelligence or counter-intelligence agency in any investigation related to international terrorism. Learn More>>
Fair Credit Reporting Act This Act establishes procedures for correcting mistakes on your credit record and requires that your record only be provided for legitimate business needs. Visit the link below to learn more about credit reporting. Learn More>>
How Private Is My Credit Report?This guide provides information on ways you can safeguard your privacy such as ordering your credit report once a year and knowing your credit reporting rights. Learn More>>
(20 U.S.C. § 1232g; 34 CFR Part 99)
FERPA is a Federal law that protects the privacy of student education records. Schools that receive funding through an applicable program from the U.S. Department of Education are required to adhere to this Federal law. Learn More>>
At the request of Members of Congress, the Federal Trade Commission is delaying enforcement of the “Red Flags” Rule until June 1, 2010, for financial institutions and creditors subject to enforcement by the FTC. The Rule was due to become effective on November 1, 2009 and once again it has been delayed. In anticipation of the enforcement, the AICPA developed a practice guide for members, which provides guidance on developing an Identity Theft Prevention Program (ITPP) as required by the FTC’s Red Flags Rule.
Firms can use the template as a starting point to set up their ITPP, but it must be tailored to reflect the firm's business situation. In addition to internal use, this template can be used by CPA firms to provide guidance to their clients in setting up an ITPP. Learn More>>