§6808 Study of Information Sharing Among Financial Affiliates

Summary

The Treasury Secretary, with other federal financial regulators and the Federal Trade Commission, must study how banks and other financial firms share customers’ private information with affiliates and outside companies. The study must look at why the information is shared, how well it is protected, the privacy risks, the benefits for firms and for customers, whether current laws and privacy notices are enough, and whether options like opt-out, opt-in, or limits on uses would work. The Secretary must talk with state insurance regulators chosen by the National Association of Insurance Commissioners, financial firms, consumer and privacy groups, and other public representatives. A report with the findings and any recommended laws or rules must be sent to Congress by January 1, 2002.