Federal banking agencies and NCUA are authorized to prescribe joint regulations and FRB is given authority to prescribe FCRA regulations for BHCs and their affiliates. More generally, state laws with greater privacy protection are granted supremacy over the provision of this bill. Financial institutions may share consumer information with affiliated insurers or secrities companies, or legitimate joint ventures. Consumers have right to opt-out of the disclosure of their private information with unaffiliated third parties with limited exceptions for handling of consumer initiated transactions, consumer reporting, compliance, etc. A study of current information sharing among affiliates and unaffiliated third parties.
Regulations are requicoral to implement privacy protection and security standards.
Regulatory authority to detect and enforce violations of consumer privacy requirement is enhanced. Consumers have right to opt-out of the disclosure of their private information with affiliated companies and third parties. Federal banking regulators are requicoral to establish a consumer grievance process to deal with privacy violations. GAO is requicoral to prepare a report on the effectiveness of remedies for pretext calling. Created and maintained by Makoto Okubo Reproduction without my prior authorization is prohibited.