Teacher:In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Teacher: Now, understand the problem? Solve this instance: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Banking Privacy Act of 1999''.

SEC. 2. PERSONAL INFORMATION SHARING.

(a) Depository Institutions and Subsidiaries of Depository
Institutions.--Section 18 of the Federal Deposit Insurance Act (12
U.S.C. 1828) is amended by adding at the end the following new
subsection:
''(t) Personal Information Sharing Requirements.--
''(1) Information sharing prohibited if customer opts
out.--Notwithstanding any other provision of law and except as
permitted under paragraph (5), an insured depository
institution and a subsidiary of a depository institution may
not disclose or transfer customer information relating to any
customer to any other person, including an affiliate of the
depository institution, unless--
''(A) the customer to whom such information relates
has been provided with notice in accordance with
paragraph (2); and
''(B) the customer has not provided a written
directive (including a transmission by e-mail,
facsimile, or other form of electronic communication)
to the insured depository institution or subsidiary, at
any time before the close of business on the 6th
business day before such disclosure or transfer, that
such information shall not be disclosed or transferred,
except when specifically authorized by the customer in
connection with and pertaining to a specific
transaction with the depository institution or
subsidiary.
''(2) Notice.--
''(A) In general.--The notice referred to in
paragraph (1)(A) shall fully and fairly disclose, in
accordance with regulations which the Federal banking
agencies shall jointly prescribe, what information is
being disclosed or transferred, the policy of the
insured depository institution or subsidiary of an
insured depository institution with regard to
information sharing, and the right of the customer to
prohibit the disclosure or transfer of such
information.
''(B) Form of notice.--
''(i) In general.--The regulations
prescribed pursuant to subparagraph (A) shall
require that the notice required under such
subparagraph--
''(I) be prominently displayed on a
document which is separate from any
other document;
''(II) have the term 'Privacy
Notice' in prominent typeface at the
top of the notice.
''(ii) Notice requirements.--
''(I) Mailing.--If the notice
required under subparagraph (A) is
mailed to the customer, the notice
shall be mailed separately from any
other statement, document, or notice
mailed to the customer.
''(II) In person.--If the notice
required under subparagraph (A) is
disclosed to the customer in person by
an officer, director, or agent of the
depository institution or subsidiary
thereof, the officer, employee, or
agent shall obtain the written
acknowledgement of the customer of the
receipt of such notice separately from
any other signature or written
acknowledgment of the customer.
''(3) Customer information defined.--For purposes of this
subsection, the term 'customer information' means any
information acquired from a customer of the insured depository
institution that is personally identifiable to the customer,
including information relating to transactions, balances,
maturity dates, payouts, and payout dates, and transaction or
experience information.
''(4) Reasonable opportunity to respond to notice.--In
order to provide any customer of an insured depository
institution or any subsidiary of an insured depository
institution with reasonable opportunity to respond to any
notice referred to in paragraph (1)(A), the prohibition
contained in paragraph (1) on the disclosure or transfer of any
customer information relating to such customer to any other
person, including an affiliate, shall continue during the 30-
day period beginning on the date the notice referred to in such
paragraph was sent or delivered to such customer, unless the
customer has authorized such disclosure or transfer.
''(5) Exceptions.--Paragraph (1) shall not apply to the
disclosure or transfer of customer information--
''(A) in connection with processing a specific
financial transaction that the customer to whom the
information relates has authorized, if--
''(i) the customer has been informed that
any such transaction will necessarily involve
the disclosure or transfer of such information;
and
''(ii) the person to whom such information
is transferred or disclosed is subject to a
legal or contractual obligation not to use such
information for any purpose other than in
connection with facilitating the transaction;
''(B) in connection with any routine financial
transaction which does not involve marketing of
services or the sale of customer information, if the
person to whom such information is transferred or
disclosed is subject to a legal or contractual
obligation not to use such information for any purpose
other than in connection with effectuating the
transaction;
''(C) in connection with clearing checks,
processing credit transactions or electronic fund
transfers, or providing mailing services, if the person
to whom such information is transferred or disclosed is
subject to a legal or contractual obligation not to use
such information for any purpose other than in
connection with clearing or processing the transaction
or providing the service;
''(D) to a governmental, regulatory, or self-
regulatory authority having jurisdiction over the
insured depository institution for examination,
compliance, or other authorized purposes;
''(E) to a court of competent jurisdiction;
''(F) to a consumer reporting agency, as defined in
section 603(f) of the Fair Credit Reporting Act, for
use solely in accordance with such Act;
''(G) in the case of a default by the customer on
an obligation to the depository institution or
subsidiary, to a debt collector, as defined in section
803(6) of the Fair Debt Collection Practices Act,
counsel, or other entity involved in debt collection,
for use solely in accordance with such Act;
''(H) in the case of any claim or litigation
between the customer and a depository institution or
subsidiary, to a counsel or other person involved in
the resolution of the dispute;
''(I) that is not personally identifiable to the
customer or is public information; or
''(J) that is necessary to prevent or investigate
fraudulent or unlawful acts which the depository
institution or subsidiary has a good faith belief may
occur or may have occurred.''.
(b) Bank Holding Companies and Affiliates of Bank Holding
Companies.--Section 5 of the Bank Holding Company Act of 1956 (12
U.S.C. 1844) is amended by adding at the end the following new
subsection:
''(g) Personal Information Sharing Requirements.--
''(1) Information sharing prohibited if customer opts
out.--Notwithstanding any other provision of law and except as
permitted under paragraph (5), a bank holding company and an
affiliate of a bank holding company (other than a depository
institution subsidiary or subsidiary of such depository
institution) may not disclose or transfer customer information
relating to any customer to any other person, including another
affiliate of the bank holding company, unless--
''(A) the customer to whom such information relates
has been provided with notice in accordance with
paragraph (2); and
''(B) the customer has not provided a written
directive (including a transmission by e-mail,
facsimile, or other form of electronic communication)
to the bank holding company or affiliate, at any time
before the close of business on the 6th business day
before such disclosure or transfer, that such
information shall not be disclosed or transferred,
except when specifically authorized by the customer in
connection with and pertaining to a specific
transaction with the bank holding company or affiliate.
''(2) Notice.--
''(A) In general.--The notice referred to in
paragraph (1)(A) shall fully and fairly disclose, in
accordance with regulations which the Board shall
prescribe, what information is being disclosed or
transferred, the policy of the bank holding company or
affiliate of a bank holding company with regard to
information sharing, and the right of the customer to
prohibit the disclosure or transfer of such
information.
''(B) Form of notice.--
''(i) In general.--The regulations
prescribed pursuant to subparagraph (A) shall
require that the notice required under such
subparagraph--
''(I) be prominently displayed on a
document which is separate from any
other document:
''(II) have the term 'Privacy
Notice' in prominent typeface at the
top of the notice.
''(ii) Notice requirements.--
''(I) Mailing.--If the notice
required under subparagraph (A) is
mailed to the customer, the notice
shall be mailed separately from any
other statement, document, or notice
mailed to the customer.
''(II) In person.--If the notice
required under subparagraph (A) is
disclosed to the customer in person by
an officer, director, or agent of the
bank holding company or affiliate
thereof, the officer, employee, or
agent shall obtain the written
acknowledgement of the customer of the
receipt of such notice separately from
any other signature or written
acknowledgment of the customer.
''(3) Customer information defined.--For purposes of this
subsection, the term 'customer information' means any
information acquired from a customer of the bank holding
company or affiliate that is personally identifiable to the
customer, including information relating to transactions,
balances, maturity dates, payouts, and payout dates, and
transaction or experience information.
''(4) Reasonable opportunity to respond to notice.--In
order to provide any customer of a bank holding company or any
affiliate of a bank holding company with reasonable opportunity
to respond to any notice referred to in paragraph (1)(A), the
prohibition contained in paragraph (1) on the disclosure or
transfer of any customer information relating to such customer
to any other person, including another affiliate, shall
continue during the 30-day period beginning on the date the
notice referred to in such paragraph was sent or delivered to
such customer, unless the customer has authorized such
disclosure or transfer.
''(5) Exceptions.--Paragraph (1) shall not apply to the
disclosure or transfer of customer information--
''(A) in connection with processing a specific
financial transaction that the customer to whom the
information relates has authorized, if--
''(i) the customer has been informed that
any such transaction will necessarily involve
the disclosure or transfer of such information;
and
''(ii) the person to whom such information
is transferred or disclosed is subject to a
legal or contractual obligation not to use such
information for any purpose other than in
connection with facilitating the transaction;
''(B) in connection with any routine financial
transaction which does not involve marketing of
services or the sale of customer information, if the
person to whom such information is transferred or
disclosed is subject to a legal or contractual
obligation not to use such information for any purpose
other than in connection with effectuating the
transaction;
''(C) in connection with clearing checks,
processing financial transactions or electronic fund
transfers, or providing mailing services, if the person
to whom such information is transferred or disclosed is
subject to a legal or contractual obligation not to use
such information for any purpose other than in
connection with clearing or processing the transaction
or providing the service;
''(D) to a governmental, regulatory, or self-
regulatory authority having jurisdiction over the
insured depository institution for examination,
compliance, or other authorized purposes;
''(E) to a court of competent jurisdiction;
''(F) to a consumer reporting agency, as defined in
section 603(f) of the Fair Credit Reporting Act, for
use solely in accordance with such Act;
''(G) in the case of a default by the customer on
an obligation to the bank holding company or affiliate,
to a debt collector, as defined in section 803(6) of
the Fair Debt Collection Practices Act, counsel, or
other entity involved in debt collection, for use
solely in accordance with such Act;
''(H) in the case of any claim or litigation
between the customer and a depository institution or
subsidiary, to counsel or any other person involved in
the resolution of the dispute;
''(I) that is not personally identifiable to the
customer or is public information; or
''(J) that is necessary to prevent or investigate
fraudulent or unlawful acts which the bank holding
company or affiliate has a good faith belief may occur
or may have occurred.''.
Student:
Banking Privacy Act of 1999 - Amends the Federal Deposit Insurance Act and the Bank Holding Company Act of 1956 to mandate customer notice and written consent as a prerequisite to personal information sharing between institutions under their purview (an insured depository institution or bank holding company, respectively) and other persons or affiliates.
Delineates notice and consent procedures.