Federal Trade Commission:
Privacy of Consumer Financial Information
OGC-00-40, Jun 23, 2000
Pursuant to a legislative requirement, GAO reviewed the Federal Trade Commission's (FTC) major rule on the privacy of consumer financial information. GAO noted that: (1) the final rule implements notice requirements and restrictions on a financial institution's ability to disclose nonpublic personal information about consumers to nonaffiliated third parties; (2) the final rule prohibits a financial institution from disclosing such information to nonaffiliated third parties unless the institution satisfies various notice and opt-out requirements and the consumer has not elected to opt out of the disclosure; (3) statutory law requires institutions to provide its customers with a notice of its privacy policies and practices; and (4) FTC complied with applicable requirements in promulgating the rule.