legislation: 105-hr-4321
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| 105-hr-4321 | 105 | hr | 4321 | Financial Information Privacy Act of 1998 | Finance and Financial Sector | 1998-07-23 | 1998-09-25 | Placed on the Union Calendar, Calendar No. 430. | House | Rep. Leach, James A. [R-IA-1] | IA | R | L000169 | 8 | Financial Information Privacy Act of 1998 - Amends the Consumer Credit Protection Act to: (1) specify the types of enterprises constituting a financial institution within its purview (including any broker or dealer, investment adviser or investment company, and any insurance company); and (2) authorize the Federal Trade Commission (FTC) to prescribe regulations clarifying or describing the types of institutions which shall be treated as financial institutions for purposes of this Act. (Sec. 2) Declares it a violation of this Act to obtain or solicit customer information of a financial institution relating to another person under false pretenses. Exempts from such proscription: (1) law enforcement agencies; (2) financial institutions engaged in testing security procedures, investigating misconduct or negligence, or recovering customer information obtained or received under false pretenses; (3) investigations of insurance fraud by an insurance entity; and (4) customer information of financial institutions available as a public record under Federal securities laws. Grants the FTC, certain banking regulatory agencies, and the States enforcement powers under this Act (including the power to require payment of damages as restitution by the violating party to the damaged person). Directs the FTC to notify the Securities and Exchange Commission (SEC) whenever it initiates an investigation of a financial institution subject to SEC oversight. Subjects violations of this Act to Federal civil and criminal penalties. Requires each Federal banking agency and the SEC or self regulatory organizations, as appropriate, to review regulations and guidelines applicable to financial institutions under their respective jurisdictions, and prescribe revisions as necessary to ensure policies, procedures, and controls relating to the deterrence and detection of the activities proscribed by this Act. Requires the Comptroller General to report to the Congress on: (1) the efficacy and adequacy of the remedies provided in this Act; and (2) recommendations for additional action to address threats to the privacy of financial information. Directs the FTC, the Attorney General, and the agencies referred to in this Act to report annually to the Congress on the number and disposition of all enforcement actions taken pursuant to this Act. | 2025-04-07T15:31:26Z | https://www.congress.gov/bill/105th-congress/house-bill/4321 |