Financial Data Sharing Choice Act

I 117TH CONGRESS 1ST SESSION H. R. 3912 To amend the Gramm-Leach-Bliley Act to require consumers to opt in before a financial institution may share the nonpublic personal information of the consumer with a nonaffiliated third party, and for other purposes. IN THE HOUSE OF REPRESENTATIVES JUNE 15, 2021 Mr. LYNCH introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Gramm-Leach-Bliley Act to require consumers to opt in before a financial institution may share the nonpublic personal information of the consumer with a nonaffiliated third party, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Financial Data Shar- 4 ing Choice Act’’. 5 VerDate Sep 11 2014 00:51 Jul 02, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H3912.IH H3912 kjohnson on DSK79L0C42PROD with BILLS 2 •HR 3912 IH SEC. 2. CONSUMER OPT IN FOR SHARING OF NONPUBLIC 1 PERSONAL INFORMATION TO A NON- 2 AFFILIATED THIRD PARTY. 3 Section 502(b) of the Gramm-Leach-Bliley Act (15 4 U.S.C. 6802(b)) is amended— 5 (1) in the heading, by striking ‘‘OPT OUT’’ and 6 inserting ‘‘OPT IN’’; and 7 (2) by amending paragraph (1) to read as fol- 8 lows: 9 ‘‘(1) IN GENERAL.—A financial institution may 10 not disclose nonpublic personal information of a con- 11 sumer to a nonaffiliated third party unless— 12 ‘‘(A) such financial institution has received 13 explicit, informed consent from the consumer to 14 authorize such information be disclosed to such 15 third party; and 16 ‘‘(B) such financial institution clearly and 17 conspicuously discloses to the consumer, in 18 writing or in electronic form or other form per- 19 mitted by the regulations prescribed under sec- 20 tion 504, what information shall be disclosed to 21 such third party and for what purpose.’’. 22 Æ VerDate Sep 11 2014 00:51 Jul 02, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H3912.IH H3912 kjohnson on DSK79L0C42PROD with BILLS