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Summary:
Title V of the Gramm-Leach-Bliley Act of 1999 (P.L. 106-102, H.Rept. 106-434) requires financial institutions to provide their customers with notice of their privacy policies. It prohibits financial institutions from sharing nonpublic personally identifiable customer information with non-affiliated third parties without giving consumers an opportunity to opt out and prohibits financial institutions from providing account numbers to non-affiliated third parties for marketing purposes. It requires financial institutions to safeguard the security and confidentiality of customer information. Finally, it delegates rulemaking and enforcement authority to the federal banking and security regulators, the Federal Trade Commission, and state insurance regulators. The legislation includes prohibitions on "pretext calling," obtaining financial institution customer information by false pretenses. Legislation is expected to be offered in the 108th Congress, as was the case in the 107th Congress, to amend these provisions. This report will be updated on the basis of floor action involving privacy protection for financial institution customer information.
