FERPA is the Family Educational Rights and Privacy Act of 1974, also known as the Buckley Amendment. Statute: 20 U.S.C. 1232g; Regulations: 34CFR Part 99. The intent of the Act is to protect the rights of students and to insure the privacy and accuracy of education records.The Act applies to all institutions that are recipients of federal aid administered by the Secretary of Education.he intent of the Act is to protect the rights of students and to insure the privacy and accuracy of education records. The Act applies to all institutions that are recipients of federal aid administered by the Secretary of Education.