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DuPage Guide to Community Services

Financial Privacy Legislation Enforcement

Code: DF-8000.6450-200

Programs that are responsible for enforcement of legislation which regulates the collection, maintenance, use and dissemination of personal financial information by banks, insurance companies, investment firms, mortgage brokers, tax return preparers, retailers that extend credit by issuing credit cards to consumers and other financial institutions in the course of commercial activities. Financial institutions are required to disclose the types of information they collect about its customers; allow customers to prevent the sale of their personal financial data to third parties and the understand the procedures for doing so; and develop and disclose to customers policies for preventing unauthorized access to confidential financial information. Financial privacy protection legislation attempts to balance the individual’s right to the privacy of personal information with the need of organizations to collect, use and/or disclose personal information for legitimate business purposes.

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