Representative Speier has been busy. In addition to introducing Do Not Track legislation this week (described in a separate blog entry), she has also introduced H.R. 653, the “Financial Information Privacy Act of 2011.”
The purpose of H.R. 653 is to amend the Gramm-Leach-Bliley Act to improve regulations dealing with the disclosure by financial institutions of nonpublic personal information. The bill would add a section to the act that requires opt-in consent by consumers before a financial institution can disclose personal information to non-affiliated third parties. If consumers decline to consent, the institution would be under no obligation to offer them any product or service that requires consent to the disclosure.
The bill also limits sharing card or bank account numbers or access numbers with a nonaffiliated third party for use in telemarketing, direct mail marketing, or other marketing through electronic mail to the consumer.
There are a number of other provisions in the bill, including a model notice. Hopefully I’ll find some time soon to actually wade through all of the bill’s provisions. In the meantime, feel free to use the Comments to section to report any interesting or noteworthy provisions you find if you read through it.