Financial Information Privacy Act of 1999

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.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 19 January 1999

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 19 January 1999

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• Introduced in Senate

  summary · EN · 19 January 1999

  Open at official source

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