§ 6808. — Study of information sharing among financial affiliates.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC6808]
TITLE 15--COMMERCE AND TRADE
CHAPTER 94--PRIVACY
SUBCHAPTER I--DISCLOSURE OF NONPUBLIC PERSONAL INFORMATION
Sec. 6808. Study of information sharing among financial
affiliates
(a) In general
The Secretary of the Treasury, in conjunction with the Federal
functional regulators and the Federal Trade Commission, shall conduct a
study of information sharing practices among financial institutions and
their affiliates. Such study shall include--
(1) the purposes for the sharing of confidential customer
information with affiliates or with nonaffiliated third parties;
(2) the extent and adequacy of security protections for such
information;
(3) the potential risks for customer privacy of such sharing of
information;
(4) the potential benefits for financial institutions and
affiliates of such sharing of information;
(5) the potential benefits for customers of such sharing of
information;
(6) the adequacy of existing laws to protect customer privacy;
(7) the adequacy of financial institution privacy policy and
privacy rights disclosure under existing law;
(8) the feasibility of different approaches, including opt-out
and opt-in, to permit customers to direct that confidential
information not be shared with affiliates and nonaffiliated third
parties; and
(9) the feasibility of restricting sharing of information for
specific uses or of permitting customers to direct the uses for
which information may be shared.
(b) Consultation
The Secretary shall consult with representatives of State insurance
authorities designated by the National Association of Insurance
Commissioners, and also with financial services industry, consumer
organizations and privacy groups, and other representatives of the
general public, in formulating and conducting the study required by
subsection (a) of this section.
(c) Report
On or before January 1, 2002, the Secretary shall submit a report to
the Congress containing the findings and conclusions of the study
required under subsection (a) of this section, together with such
recommendations for legislative or administrative action as may be
appropriate.
(Pub. L. 106-102, title V, Sec. 508, Nov. 12, 1999, 113 Stat. 1442.)
