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. They also know that if one state approves the opt-in provision others will quickly follow. It is not too late to stop the flow of information. Just as Maine turned the tide on pollution, it can also turn the tide on the flow of information and take a step to protect Maine people for generations to come.