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H. Rept. 114-59 1 (2015-04-13)

handle is hein.congrecreports/crptxrpa0001 and id is 1 raw text is: AUT-ENTICATED US. GOVERNMENT INFORMATION GP 114TH CONGRESS REPORT 1st Session HOUSE OF REPRESENTATIVES 114-59 ELIMINATE PRIVACY NOTICE CONFUSION ACT APRIL 13, 2015.-Committed to the Committee of the Whole House on the State of the Union and ordered to be printed Mr. HENSARLING, from the Committee on Financial Services, submitted the following REPORT [To accompany H.R. 601] [Including cost estimate of the Congressional Budget Office] The Committee on Financial Services, to whom was referred the bill (H.R. 601) to amend the Gramm-Leach-Bliley Act to provide an exception to the annual privacy notice requirement, having consid- ered the same, report favorably thereon without amendment and recommend that the bill do pass. PURPOSE AND SUMMARY H.R. 601, the Eliminate Privacy Notice Confusion Act, would cre- ate exemptions from annual privacy notice requirements imposed by federal law for a financial institution that: (1) provides non- public personal information about consumers to unaffiliated third parties only in accordance with exceptions under the Gramm- Leach-Bliley Act (e.g. service providers, law enforcement, or as nec- essary to fulfill a transaction requested by the customer), or (2) has not changed its disclosure policies and practices since the most re- cent disclosure was sent to consumers. BACKGROUND AND NEED FOR LEGISLATION The Gramm-Leach-Bliley Act of 1999 (P.L. 106-102) requires fi- nancial institutions to issue privacy disclosure notices to consumers that detail the institution's privacy policies if it shares customers' non-public personal information with affiliates or third parties. The law also requires institutions to notify existing and potential cus- tomers of their right to opt out of sharing non-public personal infor- mation with third parties. Such disclosures are required to occur when a customer relationship is first established with the institu- 49-006

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