S 1195
106th Congress
Senate
Finance and Financial Sector
Administrative procedure
Bank accounts
Bank records
Certificates of deposit
Civil Rights and Liberties, Minority Issues
Commerce
Consumer education
Department of the Treasury
Federal Deposit Insurance Corporation
Federal Reserve System
Government Operations and Politics
Government corporations
Government paperwork
Independent regulatory commissions
Insurance
Law
Right of privacy
Savings and loan associations
Securities and Exchange Commission
Financial Information Protection Act of 1999
Introduced: June 9, 1999
Introduced by:
Schumer, Charles E.
Democratic
· New York
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 9, 1999
Read twice and referred to the Committee on Banking.
Jun 9, 1999
Introduced in Senate
Plain-English summary
Financial Information Protection Act of 1999 - Directs the Federal financial regulatory authorities (banking regulatory agencies and the Securities and Exchange Commission (SEC)) jointly to issue final rules to protect the privacy of confidential information relating to customers of persons under their respective jurisdictions (covered persons).
Mandates that such rules: (1) prohibit a covered person from disclosing or sharing confidential customer information with any affiliate or agent unless the customer has provided written or electronic consent; (2) require the covered person to disclose to the customer the specific type of information disclosed or shared, under what circumstances, to what specific types of businesses, and for what types of purposes; and (3) require customer access to information that could be disclosed so that it may be reviewed for accuracy and supplementation.
Cites circumstances under which such information may be released.
What's happening now
Read twice and referred to the Committee on Banking.
Committees of jurisdiction
1