To amend Title VI of the Consumer Credit Protection Act to permit consumers to restrict the sharing of confidential financial and personal information for purposes of telemarketing, by restricting sharing of credit card and deposit account numbers, by enhancing regulatory enforcement, and for other purposes.
Consumer Telemarketing Financial Privacy Protection Act of 1999 - Amends the Fair Credit Reporting Act to exclude from the definition of "consumer report" the communication of information, solely regarding transactions or experiences between the consumer and the person making the report, to any other person for the purpose of telemarketing to the consumer, if: (1) the consumer is given advance notice and an opportunity to direct that the information not be communicated; and (2) the information to be communicated does not include an account number or other form of access.
Removes provisions prohibiting an examination of a bank, savings association, or credit union regarding compliance with the Act. Removes provisions empowering the Board of Governors of the Federal Reserve System to issue interpretations of the Act regarding: (1) certain domestic (and branches and agencies of foreign) banks, certain commercial lending companies, savings associations, and certain other financial institutions; and (2) Federal credit unions. Requires: (1) certain Federal banking agencies to jointly prescribe regulations for such banks and financial institutions; and (2) the Administrator of the National Credit Union Administration to prescribe regulations for Federal credit unions.
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR E1233-1234)
Referred to the House Committee on Banking and Financial Services.
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
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