15 U.S.C. § 6808 : US Code - Section 6808: Study of information sharing among financial affiliates

Search 15 U.S.C. § 6808 : US Code - Section 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.