SACRAMENTO, Calif. – Once again, members of the California state legislature killed a bill that would have imposed stricter privacy protection requirements on financial institutions than the Gramm-Leach-Bliley Act. The bill would have prohibited financials from sharing consumers' information with affiliates or third parties unless the consumer "opted in" by giving prior, explicit consent. Gramm-Leach-Bliley requires financials give consumers the opportunity to "opt out" of sharing of confidential information with third parties. It does not block the sharing of information with affiliates.
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