Consumer Right to Financial Privacy Act of 2015

Bill: 114-hr-1262
Sponsor: full_name: Rep. Duffy, Sean P. [R-WI-7]
Introduced: 2015-03-04
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Business records

Consumer affairs

Government information and archives

Right of privacy
Latest action: action_date: 2015-03-04
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2015-03-04
action_desc: Introduced in House
text: <p><b>Consumer Right to Financial Privacy Act of 2015</b></p> <p> Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to revise the prohibition against the Consumer Financial Protection Bureau (CFPB)'s obtaining, from a covered person or service provider, any personally identifiable financial information about a consumer.</p> <p>Prohibits the CFPB, in addition, from requesting, accessing, collecting, using, retaining, or disclosing nonpublic personal information about a consumer unless: (1) the CFPB clearly and conspicuously discloses to the consumer, in writing or in an electronic form, what information will be requested, obtained, accessed, collected, used, retained, or disclosed; and (2) the consumer informs the CFPB, before such information is requested, obtained, accessed, collected, used, retained, or disclosed, that such information may be requested, obtained, accessed, collected, used, retained, or disclosed.</p> <p> Subjects to the same restrictions and conditions to any person directed or engaged by the CFPB to collect such information on its behalf.</p> <p>Amends the Right to Financial Privacy Act of 1978 to repeal the exemption from its application for CFPB examination or disclosure of financial records or information in the exercise of CFPB authority with respect to a financial institution (thus applying the Act to CFPB examinations and disclosures).</p>

tv_txt: I 114th CONGRESS 1st Session H. R. 1262 IN THE HOUSE OF REPRESENTATIVES March 4, 2015 Mr. Duffy (for himself, Mr. Neugebauer , and Mr. Barr ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Dodd-Frank Wall Street Reform and Consumer Protection Act to require the Bureau of Consumer Financial Protection to notify and obtain permission from consumers before collecting nonpublic personal information about such consumers, and for other purposes.

1. Short title This Act may be cited as the Consumer Right to Financial Privacy Act of 2015 . 2. Requirement of the Bureau of Consumer Financial Protection to obtain permission before collecting nonpublic personal information (a) Required notification and permission Section 1022(c)(9)(A) of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5512(c)(9)(A) ) is amended— (1) by striking may not obtain from a covered person or service provider and inserting may not request, obtain, access, collect, use, retain, or disclose ; (2) by striking personally identifiable financial and inserting nonpublic personal ; and (3) by striking from the financial records and all that follows through the period at the end and inserting unless— (i) the Bureau clearly and conspicuously discloses to the consumer, in writing or in an electronic form, what information will be requested, obtained, accessed, collected, used, retained, or disclosed; and (ii) before such information is requested, obtained, accessed, collected, used, retained, or disclosed, the consumer informs the Bureau that such information may be requested, obtained, accessed, collected, used, retained, or disclosed. . (b) Application of requirement to contractors of the Bureau of Consumer Financial Protection Section 1022(c)(9)(B) of such Act ( 12 U.S.C. 5512(c)(9)(B) ) is amended to read as follows: (B) Application of requirement to contractors of the Bureau of Consumer Financial Protection Subparagraph (A) shall apply to any person directed or engaged by the Bureau to collect information to the extent such information is being collected on behalf of the Bureau. . (c) Definition of nonpublic personal information Section 1022(c)(9) of such Act ( 12 U.S.C. 5512(c)(9) ) is amended by adding at the end the following: (C) Definition of nonpublic personal information In this paragraph, the term nonpublic personal information has the meaning given the term in section 509 of the Gramm-Leach-Bliley Act ( 15 U.S.C. 6809 ). . 3. Removal of exemption for the Bureau of Consumer Financial Protection from the Right to Financial Privacy Act Section 1113 of the Right to Financial Privacy Act of 1978 ( 12 U.S.C. 3413 ) is amended by striking subsection (r).