ELI5: Explain Like I'm 5

Financial privacy laws in the United States

Hi there!

Okay so, there are some rules in place in the United States that help keep your money and spending private. These rules are called financial privacy laws.

Just like you might have personal information that you want to keep private, like your favorite stuffed animal or what you had for breakfast, some adults have personal information about their money that they want to keep private.

So, financial privacy laws help protect things like how much money someone has in their bank account, how much they spend on different things, and who they send money to or receive money from.

These laws are put in place to make sure that nobody can just go and look at your financial information without your permission. It's kind of like a secret password that only you and people you trust are allowed to know.

Overall, financial privacy laws help keep people's money and personal information safe and secure.