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S. 1458 (108th): Financial Institution Privacy Protection Act of 2003

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Jul 25, 2003.

Financial Institution Privacy Protection Act of 2003 - Amends the Gramm-Leach-Bliley Act to condition financial institution disclosure of consumer nonpublic personal health information upon the consumer's affirmative consent in writing. Replaces the opt-out requirements governing such a disclosure with a prohibition against denial of a financial service or product to any consumer based upon the consumer's refusal to grant consent to nonpublic personal information disclosure. Requires each financial institution to designate a privacy compliance officer to ensure compliance with privacy requirements. Sets forth civil penalties for noncompliance.