|Sponsor||Rep. Paulsen, Erik|
|Date||April 14, 2010 (111th Congress, 2nd Session)|
|Staff Contact||Adam Hepburn|
The House is scheduled to consider H.R. 3506 on April 14, 2010, under suspension of the rules, requiring a two-thirds majority vote for passage. H.R. 3506 was introduced on July 31, 2009, by Rep. Erik Paulsen (R-MN).
This legislation makes an exception to the annual privacy notice requirement under current law for financial institutions that do not routinely share the personal information of customers with third parties.
The Gramm-Leach-Bliley Act requires financial institutions to provide annual notice to customers in written or electronic form of privacy policies. Privacy policies govern the disclosure of customers' non-public personal information to third parties, as well as the protection of customers' personal information. The law generally allows financial institutions to share customers' personal information as necessary to conduct transactions authorized by customers, or to maintain customers' accounts.
The Congressional Budget Office (CBO) has not produced a cost estimate for H.R. 3506.