Financial Information Privacy Act of 1999
The source supplies the latest action, but no lifecycle stage.
Latest action (9 Jun 1999): Committee on Banking. Hearings held.
What this bill does
The Financial Information Privacy Act of 1999 (S. 187) would direct federal financial regulators—the federal banking agencies and the Securities and Exchange Commission—to jointly write rules governing how financial institutions handle customers' confidential financial information. This would include data such as account transactions, balances, certificates of deposit, securities holdings, and insurance policy details. The rules would require institutions to give customers written notice and, in most cases, obtain their consent before sharing such information with affiliates, agents, or outside parties, and would let customers review and correct their information. Certain disclosures—such as those needed to process an authorized transaction, required by regulators or courts, or made to consumer reporting agencies under existing law—would not be restricted.
The bill would primarily affect banks, securities firms, and other institutions under these regulators' jurisdiction, as well as their customers, by setting new privacy notice and consent requirements before personal financial data could be shared or sold to third parties.
The bill was introduced by Senator Paul Sarbanes on January 19, 1999, with several cosponsors, and referred to the Senate Committee on Banking, Housing, and Urban Affairs. According to the Congressional Research Service, it did not receive a vote and saw no further action.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
Financial Information Privacy Act of 1999 - Directs the Federal financial regulatory authorities (banking regulatory agencies and the Securities and Exchange Commission (SEC)) to jointly issue final rules to protect the privacy of confidential information relating to customers of institutions under their respective jurisdictions (covered institution). Mandates that such rules: (1) prohibit a covered institution from disclosing or sharing confidential customer information with any affiliate or agent if the customer has provided a written notice which forbids such disclosure; (2) prohibit a covered institution from disclosing or sharing confidential customer information with a non-affiliate or non-agent unless the customer has provided written or electronic consent; (3) require the covered institution to disclose to the customer the specific type of information disclosed or shared, under what circumstances, to what specific types of businesses, and for what types of purposes; (4) require customer access to information that could be disclosed so that it may be reviewed for accuracy and supplementation; and (5) establish a compliance and enforcement mechanism that includes consumer complaint resolution. Cites circumstances under which such information may be released.
Timeline
9 Jun 1999
Committee on Banking. Hearings held.
Common questions
- What does S. 187 do?
- The Financial Information Privacy Act of 1999 (S. 187) would direct federal financial regulators—the federal banking agencies and the Securities and Exchange Commission—to jointly write rules governing how financial institutions handle customers' confidential financial information. This would include data such as account transactions, balances, certificates of deposit, securities holdings, and insurance policy details. The rules would require institutions to give customers written notice and, in most cases, obtain their consent before sharing such information with affiliates, agents, or outside parties, and would let customers review and correct their information. Certain disclosures—such as those needed to process an authorized transaction, required by regulators or courts, or made to consumer reporting agencies under existing law—would not be restricted. The bill would primarily affect banks, securities firms, and other institutions under these regulators' jurisdiction, as well as their customers, by setting new privacy notice and consent requirements before personal financial data could be shared or sold to third parties. The bill was introduced by Senator Paul Sarbanes on January 19, 1999, with several cosponsors, and referred to the Senate Committee on Banking, Housing, and Urban Affairs. According to the Congressional Research Service, it did not receive a vote and saw no further action.
- Has S. 187 become law?
- The source does not supply a confirmed lifecycle stage for S. 187. Check the latest action and official source below.
- Who sponsored S. 187?
- S. 187 was sponsored by Sen. Sarbanes, Paul S. [D-MD] (D-MD), with 7 cosponsors.
- What's the latest action on S. 187?
- Committee on Banking. Hearings held. (9 Jun 1999).
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