H.R.653 - Financial Information Privacy Act of 2011112th Congress (2011-2012)
|Sponsor:||Rep. Speier, Jackie [D-CA-12] (Introduced 02/11/2011)|
|Committees:||House - Financial Services|
|Latest Action:||03/23/2011 Referred to the Subcommittee on Financial Institutions and Consumer Credit. (All Actions)|
This bill has the status Introduced
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Summary: H.R.653 — 112th Congress (2011-2012)All Bill Information (Except Text)
Introduced in House (02/11/2011)
Financial Information Privacy Act of 2011 - Amends the Gramm-Leach-Bliley Act to require a financial institution, as a prerequisite to providing disclosures of a consumer's personal information to nonaffiliated third parties, to obtain the consumer's consent on an express consent form.
Prohibits a financial institution, except in certain circumstances, from discriminating against a consumer or denying an otherwise qualified consumer a financial product or service, or from offering a financial product or service on less favorable terms and conditions, because the consumer has not provided the express consent.
Prescribes the obligations of a financial institution regarding disclosure of a consumer's personal information to affiliates.
Directs the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection to develop a model disclosure form, meeting specified requirements, for financial institutions to use when seeking a consumer's consent to disclose nonpublic personal information.