This Act may be cited as the “Bank Privacy Reform Act”.

(a) Right to Financial Privacy Act of 1978.—The Right to Financial Privacy Act of 1978 (12 U.S.C. 3401 et seq.) is amended—

(1) by amending section 1102 to read as follows:

(2) by striking sections 1104, 1105, 1107, 1108, and 1114;

(3) in section 1109(a), by striking “section 1104(c), 1105(2), 1106(c), 1107(2), 1108(4),” and inserting “section 1106(c)”; and

(4) in section 1113, by striking subsections (c) through (r).

(b) Title 31.—Chapter 53 of title 31, United States Code, is amended—

(1) by amending section 5311 to read as follows:

(2) in section 5312(a)—

(A) in paragraph (3)—

(i) in subparagraph (B), by adding “and” at the end;

(ii) by striking subparagraph (C); and

(iii) by redesignating subparagraph (D) as subparagraph (C); and

(B) by amending paragraph (4) to read as follows:

“(4) ‘nonfinancial trade or business’ means any entity engaged in trade or business other than a financial institution.”;

(3) by striking sections 5313, 5314, 5315, 5316, 5317, 5318A, 5324, 5326, 5331, 5332, and 5336;

(4) in section 5318—

(A) in subsection (a)—

(i) by striking “(except under section 5315 of this title and regulations prescribed under section 5315)”;

(ii) by striking paragraph (2); and

(iii) by redesignating paragraphs (3) through (7) as paragraphs (2) through (6), respectively; and

(B) in subsection (k)—

(i) in paragraph (1)(C), by striking “has the same meaning as in section 5318A(e)(1)(B)” and inserting “means an account established to receive deposits from, make payments on behalf of a foreign financial institution, or handle other financial transactions related to such institution”; and

(ii) in paragraph (3)(A)(i)—

(I) in subclause (II), by adding “or” at the end;

(II) in subclause (III), by striking “; or” and inserting a period; and

(III) by striking subclause (IV);

(5) in section 5321—

(A) in subsection (a)—

(i) in paragraph (1), by striking “(except sections 5314, 5315, and 5336 of this title or a regulation prescribed under sections 5314, 5315, and 5336)”;

(ii) by striking paragraphs (2), (3), (4), and (5);

(iii) in paragraph (6), by striking “(except section 5336)” each place such term appears;

(iv) in paragraph (7), by striking “or any special measures imposed under section 5318A”; and

(v) by redesignating paragraphs (6) and (7) as paragraphs (2) and (3), respectively;

(B) by striking subsection (c); and

(C) by redesignating subsections (d) through (g) as subsection (c) through (f), respectively;

(6) in section 5322—

(A) by striking “(except section 5315, 5324, or 5336 of this title or a regulation prescribed under section 5315, 5324, or 5336)” each place such term appears; and

(B) in subsection (d)—

(i) by striking “, or any special measures imposed under section 5318A,”; and

(ii) by striking “or section 5318A”;

(7) in section 5325(a), by inserting after “$3,000” the following: “(as such amount is annually adjusted by the Secretary to reflect the percentage change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor)”;

(8) in section 5330(d)(1)—

(A) in subparagraph (A), by adding “and” at the end;

(B) by striking subparagraph (B); and

(C) by redesignating subparagraph (C) as subparagraph (B);

(9) in section 5335—

(A) by striking subsection (c); and

(B) by redesignating subsections (d) and (e) as subsections (c) and (d), respectively;

(10) by striking subchapter III; and

(11) in the table of contents in chapter 53, by striking the items relating to—

(A) sections 5313, 5314, 5315, 5316, 5317, 5318A, 5324, 5326, 5331, 5332, and 5336; and

(B) subchapter III.