S. 1458 · 108th Congress

Financial Institution Privacy Protection Act of 2003

Stage
In committee
Introduced
2003-07-25
Latest action
2003-07-25 · Introduced in Senate

Summary

Financial Institution Privacy Protection Act of 2003 - Amends the Gramm-Leach-Bliley Act to condition financial institution disclosure of consumer nonpublic personal health information upon the consumer's affirmative consent in writing. Replaces the opt-out requirements governing such a disclosure with a prohibition against denial of a financial service or product to any consumer based upon the consumer's refusal to grant consent to nonpublic personal information disclosure. Requires each financial institution to designate a privacy compliance officer to ensure compliance with privacy requirements. Sets forth civil penalties for noncompliance.