Which act protects the confidentiality of financial records?

The Financial Privacy Act is the correct response because it specifically addresses the protection of individuals' financial records and establishes guidelines for how financial institutions must handle consumers' private information. This act was designed to ensure that consumers have a right to privacy regarding their financial data and provides mechanisms for them to opt-out of having their information shared with third parties.

This legislation requires financial institutions to inform customers about their privacy policies and practices, detailing what information is collected, how it is used, and under what circumstances it may be shared. Additionally, the act empowers consumers to take control over their financial information, which aligns with the goal of ensuring personal privacy and confidentiality in financial matters.

Other acts mentioned, while pertaining to various aspects of privacy and information sharing, do not specifically focus on the confidentiality of financial records. For example, the Privacy Protection Act generally protects certain materials from government intrusion, while the Fair Credit Reporting Act is focused on the accuracy, fairness, and privacy of consumer information in credit reports. The Freedom of Information Act grants the public the right to request access to records from any federal agency, which is contrary to the intent of protecting individual financial confidentiality. Hence, the Financial Privacy Act stands out as the specific legislation focused on safeguarding the privacy of financial records.