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`Opt-in' bill has little chance, according to lobbyists

WASHINGTON-Prior to the August congressional recess, Congressmen Joe Barton (R-Texas) and Edward Markey (D-Mass.) reintroduced a bill requiring financial institutions to obtain consumers' permission before sharing their personal financial information with other companies. The bill is identical to one introduced last session that never got off the ground. Lobbyists from...

By Staff Writer | Updated on August 14, 2001

WASHINGTON-Prior to the August congressional recess, Congressmen Joe Barton (R-Texas) and Edward Markey (D-Mass.) reintroduced a bill requiring financial institutions to obtain consumers’ permission before sharing their personal financial information with other companies. The bill is identical to one introduced last session that never got off the ground. Lobbyists from both CUNA and NAFCU give the legislation, The Consumers’ Right to Financial Privacy Act (H.R. 2720), very little chance of doing any better this year. NAFCU Associate Director of Legislative Affairs Brad Thaler said the bill’s chances are “slim to none, particularly on the House side.” The bill is an effort to amend the Gramm-Leach-Bliley Act (GLBA), which became effective July 1, that requires banks to send out disclosures and provide consumers reasonable time to opt-out of information sharing.

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