Consumer Financial Privacy Protection Act of 1998

Consumer Financial Privacy Protection Act of 1998 - Amends the Consumer Credit Protection Act to add a new title entitled the Financial Institution Privacy Protection Act. Declares that financial institutions have an affirmative and continuing obligation to respect the privacy of their customers and to protect the security and confidentiality of customers' financial and personal information.

Sets forth a statutory framework within which financial institutions shall establish administrative, technical, and physical safeguards to insure the security and confidentiality of financial and personal records and to protect against anticipated threats or hazards to the security or integrity of such records.

Requires the Federal Trade Commission and, for specified cases, the financial regulatory agencies to enforce this Act.

Subjects financial institutions to civil liability for harm sustained by a customer as a result of noncompliance with this Act.