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Privacy Protection for Customer Financial Information

CRS – Privacy Protection for Customer Financial InformationM. Maureen Murphy, Legislative Attorney, January 9, 2014

“One of the functions transferred to the Consumer Financial Protection Bureau (CFPB) under P.L. 111-203, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), is authority to issue regulations and take enforcement actions under the two major federal statutes that specify conditions under which customer financial information may be shared by financial institutions: Title V of the Gramm-Leach-Bliley Act of 1999 (GLBA, P.L. 106-102) and the Fair Credit Reporting Act (FCRA). Possible topics for congressional oversight in the 113th Congress include (1) the transition of power from the financial institution prudential regulators and the Federal Trade Commission to the CFPB; (2) CFPB’s interaction with other federal regulators and coordination with state enforcement efforts; and (3) the CFPB’s success at issuing rules that adequately protect consumers without unreasonably increasing the regulatory burden on financial institutions.”


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