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Summary:
Title V of the Gramm-Leach-Bliley Act of 1999 (GLBA) (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. In the 108th Congress, H.R. 1766 would give preemptive effect to the Gramm-Leach-Bliley privacy provisions and would make permanent certain Fair Credit Reporting Act preemptions of state law relative to information sharing among affiliates. S. 660 would make the Fair Credit Reporting Act preemptions permanent but would not affect Gramm-Leach-Bliley. This report will be updated to reflect action on major legislation. For further information see CRS Report RS21427, Financial Privacy Laws Affecting Sharing of Customer Information Among Affiliated Institutions, and CRS Report RL31758, Financial Privacy: The Economics of Opt-In vs Opt-Out.
