Financial Data Sharing Choice Act

Bill: 117-hr-3912
Sponsor: full_name: Rep. Lynch, Stephen F. [D-MA-8]
Introduced: 2021-06-15
Policy area: Finance and Financial Sector
Latest action: action_date: 2021-06-15
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2021-06-15
action_desc: Introduced in House
text: <p><strong>Financial Data Sharing Choice Act </strong></p> <p>This bill requires financial institutions to obtain consent from a consumer before sharing that consumer's nonpublic personal information to a nonaffiliated third party. Currently, a consumer must opt out of such information sharing.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 3912 IN THE HOUSE OF REPRESENTATIVES June 15, 2021 Mr. Lynch introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Gramm-Leach-Bliley Act to require consumers to opt in before a financial institution may share the nonpublic personal information of the consumer with a nonaffiliated third party, and for other purposes.

1. Short title This Act may be cited as the Financial Data Sharing Choice Act . 2. Consumer opt in for sharing of nonpublic personal information to a nonaffiliated third party Section 502(b) of the Gramm-Leach-Bliley Act ( 15 U.S.C. 6802(b) ) is amended— (1) in the heading, by striking Opt Out and inserting Opt in ; and (2) by amending paragraph (1) to read as follows: (1) In general A financial institution may not disclose nonpublic personal information of a consumer to a nonaffiliated third party unless— (A) such financial institution has received explicit, informed consent from the consumer to authorize such information be disclosed to such third party; and (B) such financial institution clearly and conspicuously discloses to the consumer, in writing or in electronic form or other form permitted by the regulations prescribed under section 504, what information shall be disclosed to such third party and for what purpose. .