Financial Information Privacy Protection Act of 2001
Latest action. Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: continuing resolutionA stopgap law funding the government at existing levels when the annual appropriations bills are not done by October 1.Read the full definition (opens a new tab) S304-306)
Financial Information Privacy Protection Act of 2001 - Amends the Gramm-Leach-Bliley Act to provide that the customer's affirmative consent is a prerequisite to financial institution disclosure to affiliates of customer nonpublic personal information, including information about personal spending habits (currently such consent is only required for financial institution disclosure to nonaffiliated third parties). Emphasizes that this Act neither modifies, limits, nor supersedes standards established under the Health Insurance Portability and Accountability Act of 1996 with respect to the privacy and security of individually identifiable health information. Sets forth limits upon redisclosure and reuse of nonpublic consumer personal information received by an affiliated or nonaffiliated third party from a financial institution. Prescribes guidelines for: (1) consumer rights to access and correct information; and (2) Federal and State enforcement powers under this Act. Revises requirements for the timing of a financial institution's disclosure to consumers of its privacy policies and practices, including a new requirement that the disclosure first occur before a customer relationship is established (currently, when it is established). Prohibits a financial institution from disclosing to either an affiliate or nonaffiliated third party its customer's account number or comparable access number or code. Permits financial institution disclosure of nonpublic personal information: (1) in connection with performing services or functions solely on such institution's behalf regarding its own customers, including marketing of the institution's own products or services to its customers; and (2) in order to facilitate certain customer services. Directs specified Federal agencies, including the Federal Trade Commission, to prescribe implementing regulations.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on January 22, 2001. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on January 22, 2001: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S304-306)
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the Senate
- Passage by the House
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 107th Congress (2001-02), 377 of the 9,126 bills and joint resolutions introduced became law, about 4.1 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
PAUL SARBANES (D-MD) introduced it on January 22, 2001, and 7 members have since signed on as cosponsors.
They are 7 Democrats.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on January 22, 2001, 9409 days ago. The most recent recorded action was 9409 days ago, on January 22, 2001.
Measures do not carry over. Anything the 107th Congress has not finished by January 3, 2003 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- SenateIntroduced, no floor vote yet
- HouseAwaits Senate passage
- PresidentAwaits both chambers