Bill Summary & Status for the 106th Congress

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H.R.4380
Sponsor: Rep LaFalce, John J.(introduced 5/4/2000)
Latest Major Action: 5/4/2000 Referred to House subcommittee
Title: To strengthen consumers' control over the use and disclosure of their personal financial and health information by financial institutions, and for other purposes.
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TITLE(S):  (italics indicate a title for a portion of a bill)
STATUS: (color indicates Senate actions)
5/4/2000:
Referred to the Committee on Banking and Financial Services, and in addition to the Committee on Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
5/4/2000:
Referred to House Banking and Financial Services
5/4/2000:
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
5/4/2000:
Referred to House Commerce
5/4/2000:
Referred to the Subcommittee on Finance and Hazardous Materials.
COMMITTEE(S):
RELATED BILL DETAILS:

***NONE***

AMENDMENT(S):

***NONE***

COSPONSORS(29), ALPHABETICAL [followed by Cosponsors withdrawn]:     (Sort: by date)

Rep Barrett, Thomas M. - 5/4/2000 Rep Capuano, Michael E. - 5/11/2000
Rep Carson, Julia - 5/11/2000 Rep Dingell, John D. - 5/4/2000
Rep Edwards, Chet - 9/12/2000 Rep Eshoo, Anna G. - 5/4/2000
Rep Evans, Lane - 7/27/2000 Rep Filner, Bob - 7/27/2000
Rep Frank, Barney - 5/4/2000 Rep Gephardt, Richard A. - 5/18/2000
Rep Gutierrez, Luis V. - 5/4/2000 Rep Hinchey, Maurice D. - 5/4/2000
Rep Hoeffel, Joseph M. - 5/18/2000 Rep Inslee, Jay - 5/4/2000
Rep Jones, Stephanie Tubbs - 5/4/2000 Rep Kanjorski, Paul E. - 5/4/2000
Rep Kennedy, Patrick J. - 5/4/2000 Rep Lee, Barbara - 5/4/2000
Rep Luther, Bill - 5/4/2000 Rep Maloney, Carolyn B. - 5/4/2000
Rep Markey, Edward J. - 5/4/2000 Rep Meeks, Gregory W. - 5/4/2000
Rep Rivers, Lynn N. - 5/11/2000 Rep Rush, Bobby L. - 5/4/2000
Rep Sanders, Bernard - 5/4/2000 Rep Schakowsky, Janice D. - 5/4/2000
Rep Stark, Fortney Pete - 5/4/2000 Rep Waters, Maxine - 5/4/2000
Rep Waxman, Henry A. - 5/4/2000

SUMMARY AS OF:
5/4/2000--Introduced.

Consumer Financial Privacy Act - Amends the Gramm-Leach-Bliley Act to provide that the customer's affirmative consent is a prerequisite to financial institution disclosure to affiliates of customer nonpublic personal information, including information about personal spending habits (currently such consent is only required for financial institution disclosure to nonaffiliated third parties).

(Sec. 4) Emphasizes that this Act neither modifies, limits, nor supersedes standards established under the Health Insurance Portability and Accountability Act of 1996 with respect to the privacy and security of individually identifiable health information.

(Sec. 5) Sets forth limits upon redisclosure and reuse of nonpublic consumer personal information received by an affiliated or nonaffiliated third party from a financial institution.

(Sec. 6) Prescribes guidelines for: (1) consumer rights to access and correct information; and (2) Federal and State enforcement powers under this Act.

(Sec. 8) Revises requirements for the timing of a financial institution's disclosure to consumers of its privacy policies and practices, including a new requirement that the disclosure first occur before a customer relationship is established (currently, when it is established).

(Sec. 9) Prohibits a financial institution from disclosing to either an affiliate or nonaffiliated third party its customer's account number or comparable access number or code.

(Sec. 10) Permits financial institution disclosure of nonpublic personal information: (1) in connection with performing services or functions solely on such institution's behalf regarding its own customers, including marketing of the institution's own products or services to its customers; and (2) in order to facilitate certain customer services.

(Sec. 12) Directs specified Federal agencies, including the Federal Trade Commission, to prescribe implementing regulations.