U.S. Senate Sees First Privacy Bill.(Brief Article)

National Underwriter Property & Casualty-Risk & Benefits Management, January, 2001 by BROSTOFF, STEVEN

Sen. Paul Sarbanes, D-Md., fired the first shot of what could be a major battle in the 107th Congress over financial privacy. Sen. Sarbanes introduced S. 30, called the Financial Information Privacy Protection Act, and promised to make it one of his priority issues as the Ranking Democrat on the Senate Banking Committee.

Under S. 30, consumers would have the right to opt out of any financial information sharing by their financial institutions, whether with affiliates or unaffiliated third parties. However, stricter rules would apply for medical, credit card and check payee information. In these areas, financial institutions would have to obtain the affirmative assent of the consumer, called opt-in, before any information could be shared. The legislation...

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