Financial Institution Privacy Protection Act of 2001
Last action on Apr 26, 2001Sponsor introductory remarks on measure. (CR S3987)
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Summary
Financial Institution Privacy Protection Act of 2001 - 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.
Mandates that each financial institution designate a privacy compliance officer to ensure compliance with privacy requirements. Sets forth civil penalties for noncompliance.
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