Local Maine banks and Maine credit unions that don't have a lot of affiliates will be at a disadvantage because they can't market to their customers without the opt-out provision. The information is needed to protect against fraud or unauthorized transactions, or is provided in response to a court order. The Opt-In provision is onerous and could severely impact the resources of businesses. It will allow businesses to target their marketing efforts toward those customers that want to receive the information, and spare businesses the waste and cost of mailing and phoning those customers who do not want to receive solicitations.
Customers can always opt back in when they want to receive information.
In applies to both state and federally chartered banks, putting no one at a disadvantage. Opt-In does not put Maine out of compliance with federal law. Federal law specifies that states may pass laws with greater privacy protections. Privacy policies are confusing and a burden for consumers. The real reason that financial institutions have lobbied so hard against the opt-in provision is that they know if consumers were given the choice they would not share this gold mine of data.