Title 15 — Commerce and Trade
Chapter 94 — Privacy
§ 6808. Study of information sharing among financial affiliates
Statutory text
In general
The Secretary of the Treasury, in conjunction with the Federal functional regulators and the Federal Trade Commission, shall conduct a study of information sharing practices among financial institutions and their affiliates. Such study shall include—
the purposes for the sharing of confidential customer information with affiliates or with nonaffiliated third parties;
the extent and adequacy of security protections for such information;
the potential risks for customer privacy of such sharing of information;
the potential benefits for financial institutions and affiliates of such sharing of information;
the potential benefits for customers of such sharing of information;
the adequacy of existing laws to protect customer privacy;
the adequacy of financial institution privacy policy and privacy rights disclosure under existing law;
the feasibility of different approaches, including opt-out and opt-in, to permit customers to direct that confidential information not be shared with affiliates and nonaffiliated third parties; and
the feasibility of restricting sharing of information for specific uses or of permitting customers to direct the uses for which information may be shared.
Consultation
The Secretary shall consult with representatives of State insurance authorities designated by the National Association of Insurance Commissioners, and also with financial services industry, consumer organizations and privacy groups, and other representatives of the general public, in formulating and conducting the study required by subsection (a).
Report
On or before , the Secretary shall submit a report to the Congress containing the findings and conclusions of the study required under subsection (a), together with such recommendations for legislative or administrative action as may be appropriate.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Pub. L. 106–102 title V § 508 · 113 Stat. 1338
Enacted · 15 U.S.C. § 6808
(Pub. L. 106–102, title V, § 508, Nov. 12, 1999, 113 Stat. 1442.)
Source evidence
Code source credit
(Pub. L. 106–102, title V, § 508, Nov. 12, 1999, 113 Stat. 1442.)Enacted provision · exact public law section
SEC. 508. STUDY OF INFORMATION SHARING AMONG FINANCIAL AFFILIATES. (a) In General.— The Secretary of the Treasury, in conjunction with the Federal functional regulators and the Federal Trade Commission, shall conduct a study of information sharing practices among financial institutions and their affiliates. Such study shall include— (1) the purposes for the sharing of confidential customer information with affiliates or with nonaffiliated third parties; (2) the extent and adequacy of security protections for such information; (3) the potential risks for customer privacy of such sharing of information; (4) the potential benefits for financial institutions and affiliates of such sharing of information; (5) the potential benefits for customers of such sharing of information; (6) the adequacy of existing laws to protect customer privacy; (7) the adequacy of financial institution privacy policy and privacy rights disclosure under existing law; (8) the feasibility of different approaches, including optout and optin, to permit customers to direct that confidential information not be shared with affiliates and nonaffiliated third parties; and (9) the feasibility of restricting sharing of information for specific uses or of permitting customers to direct the uses for which information may be shared. (b) Consultation.— The Secretary shall consult with representatives of State insurance authorities designated by the National Association of Insurance Commissioners, and also with financial services industry, consumer organizations and privacy groups, and other representatives of the general public, in formulating and conducting the study required by subsection (a). (c) Report.— On or before January 1, 2002, the Secretary shall Deadline. submit a report to the Congress containing the findings and conclusions of the study required under subsection (a), together with such recommendations for legislative or administrative action as may be appropriate.
1 of 1 references resolved to an enrolled provision