Summary: H.R.653 — 112th Congress (2011-2012)All Information (Except Text)

There is one summary for H.R.653. Bill summaries are authored by CRS.

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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.