WASHINGTON-Prior to the August congressional recess, Congressmen Joe Barton (R-Texas) and Edward Markey (D-Mass.) reintroduced a bill requiring financial institutions to obtain consumers' permission before sharing their personal financial information with other companies. The bill is identical to one introduced last session that never got off the ground. Lobbyists from both CUNA and NAFCU give the legislation, The Consumers' Right to Financial Privacy Act (H.R. 2720), very little chance of doing any better this year. NAFCU Associate Director of Legislative Affairs Brad Thaler said the bill's chances are "slim to none, particularly on the House side." The bill is an effort to amend the Gramm-Leach-Bliley Act (GLBA), which became effective July 1, that requires banks to send out disclosures and provide consumers reasonable time to opt-out of information sharing.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.