Securities and Exchange Commission:
Privacy of Consumer Financial Information (Regulation S-P)
OGC-00-41: Published: Jul 12, 2000. Publicly Released: Jul 12, 2000.
Pursuant to a legislative requirement, GAO reviewed the Securities and Exchange Commission's (SEC) 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) SEC complied with applicable requirements in promulgating the rule.