To protect consumers and financial institutions by preventing personal financial information from being obtained from financial institutions under false pretenses.
Financial Information Privacy Act of 1999 - Amends the Consumer Credit Protection Act to: (1) specify the types of enterprises constituting a financial institution within its purview; and (2) authorize the Federal Trade Commission (FTC) 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 solicit customer information of a financial institution relating to another person under false pretenses with intent to deceive. Exempts from such proscription: (1) law enforcement agencies; (2) financial institutions engaged in testing security procedures, investigating misconduct or negligence, or recovering customer information obtained or received under false pretenses; as well as (3) customer information of financial institutions available as a public record under Federal securities laws.
Grants the FTC, certain banking regulatory agencies, and the States enforcement powers under this Act.
Subjects violations of this Act to Federal civil and criminal penalties.
Requires each Federal banking agency to issue advisories to the depository institutions under its jurisdiction relating to the deterrence and detection of the activities 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 House
Introduced in House
Referred to the House Committee on Banking and Financial Services.
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