Title 15 — Commerce and TradeRelease 119-73

§6808 Study of information sharing among financial affiliates

Title 15 › Chapter CHAPTER 94— - PRIVACY › Subchapter SUBCHAPTER I— - DISCLOSURE OF NONPUBLIC PERSONAL INFORMATION › § 6808

Last updated Apr 6, 2026|Official source

Summary

The Secretary of the Treasury must work with federal financial regulators and the Federal Trade Commission to study how financial institutions share confidential customer information with their affiliates and with outside companies. The study must examine why information is shared; how well it is secured; privacy risks; benefits to firms and to customers; whether current laws and privacy notices are adequate; and whether options like opt-out, opt-in, or limits on specific uses are possible. The Secretary must consult state insurance officials designated by the National Association of Insurance Commissioners, industry, consumer and privacy groups, and others. A report with findings and any recommended actions must be sent to Congress by January 1, 2002.

Full Legal Text

Title 15, §6808

Commerce and Trade — Source: USLM XML via OLRC

(a)The Secretary of the Treasury, in conjunction with the Federal functional regulators and the Federal Trade Commission, shall conduct a study of information sharing practices among financial institutions and their affiliates. Such study shall include—

(1)the purposes for the sharing of confidential customer information with affiliates or with nonaffiliated third parties;

(2)the extent and adequacy of security protections for such information;

(3)the potential risks for customer privacy of such sharing of information;

(4)the potential benefits for financial institutions and affiliates of such sharing of information;

(5)the potential benefits for customers of such sharing of information;

(6)the adequacy of existing laws to protect customer privacy;

(7)the adequacy of financial institution privacy policy and privacy rights disclosure under existing law;

(8)the feasibility of different approaches, including opt-out and opt-in, to permit customers to direct that confidential information not be shared with affiliates and nonaffiliated third parties; and

(9)the feasibility of restricting sharing of information for specific uses or of permitting customers to direct the uses for which information may be shared.

(b)The Secretary shall consult with representatives of State insurance authorities designated by the National Association of Insurance Commissioners, and also with financial services industry, consumer organizations and privacy groups, and other representatives of the general public, in formulating and conducting the study required by subsection (a).

(c)On or before January 1, 2002, the Secretary shall submit a report to the Congress containing the findings and conclusions of the study required under subsection (a), together with such recommendations for legislative or administrative action as may be appropriate.

Reference

Citations & Metadata

Citation

15 U.S.C. § 6808

Title 15 — Commerce and Trade

Last Updated

Apr 6, 2026

Release point: 119-73