Financial Information Privacy Act - Amends the Consumer Credit Protection Act to: (1) specify the types of enterprises constituting a financial institution within its purview; and (2) authorize the Board of Governors of the Federal Reserve System to prescribe regulations clarifying or describing the types of institutions which shall be treated as financial institutions for purposes of this Act.
Declares it a violation of this Act to obtain or disclose under false pretenses customer information of a financial institution. Grants the Federal Trade Commission (FTC), certain banking regulatory agencies, and the States enforcement powers under this Act.
Subjects violations of this Act to civil liability for damages and Federal criminal penalties.
Requires each Federal banking agency to issue advisories to depository institutions within its purview in order to assist in deterring and detecting the acts proscribed by this Act.
Requires the Comptroller General to report to the Congress on: (1) the efficacy and adequacy of the remedies provided in this Act; and (2) recommendations for additional action to address threats to the privacy of financial information.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S9879-9880)
Read twice and referred to the Committee on Banking.
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