Consumer's Right to Financial Privacy Act

H.R. 2720, the Consumer's Right to Financial Privacy Act, would require financial institutions to obtain a customer's explicit "opt-in" consent before sharing or selling their nonpublic personal information to other companies or affiliates. Under this bill, banks and insurance companies would be prohibited from denying services to customers who refuse to share their data, and they would be required to give consumers the right to access and correct any personal information being distributed. Additionally, the legislation would ban financial institutions from sharing account access codes or credit card numbers with third parties for marketing purposes and would outlaw the practice of obtaining customer data under false pretenses.