H.R. 1262 – Consumer Right to Financial Privacy Act of 2015

114th CONGRESS

1st Session

H. R. 1262

IN THE HOUSE OF REPRESENTATIVES

March 4, 2015

Mr. Duffy (for himself, Mr. Neugebauer, and Mr. Barr) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To amend the Dodd-Frank Wall Street Reform and Consumer Protection Act to require the Bureau of Consumer Financial Protection to notify and obtain permission from consumers before collecting nonpublic personal information about such consumers, and for other purposes.

Short title

This Act may be cited as the Consumer Right to Financial Privacy Act of 2015.

Requirement of the Bureau of Consumer Financial Protection to obtain permission before collecting nonpublic personal information

(a)

Required notification and permission

Section 1022(c)(9)(A) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5512(c)(9)(A)) is amended—

(1)

by striking may not obtain from a covered person or service provider and inserting may not request, obtain, access, collect, use, retain, or disclose;

(2)

by striking personally identifiable financial and inserting nonpublic personal; and

(3)

by striking from the financial records and all that follows through the period at the end and inserting

unless—

(i)

the Bureau clearly and conspicuously discloses to the consumer, in writing or in an electronic form, what information will be requested, obtained, accessed, collected, used, retained, or disclosed; and

(ii)

before such information is requested, obtained, accessed, collected, used, retained, or disclosed, the consumer informs the Bureau that such information may be requested, obtained, accessed, collected, used, retained, or disclosed.

(b)

Application of requirement to contractors of the Bureau of Consumer Financial Protection

Section 1022(c)(9)(B) of such Act (12 U.S.C. 5512(c)(9)(B)) is amended to read as follows:

(B)

Application of requirement to contractors of the Bureau of Consumer Financial Protection

Subparagraph (A) shall apply to any person directed or engaged by the Bureau to collect information to the extent such information is being collected on behalf of the Bureau.

(c)

Definition of nonpublic personal information

Section 1022(c)(9) of such Act (12 U.S.C. 5512(c)(9)) is amended by adding at the end the following:

(C)

Definition of nonpublic personal information

In this paragraph, the term nonpublic personal information has the meaning given the term in section 509 of the Gramm-Leach-Bliley Act (15 U.S.C. 6809).

Removal of exemption for the Bureau of Consumer Financial Protection from the Right to Financial Privacy Act

Section 1113 of the Right to Financial Privacy Act of 1978 (12 U.S.C. 3413) is amended by striking subsection (r).

Consumer Right to Financial Privacy Act of 2015

Legislative Activity

Bill Text