Legislation by state Sen. Jackie Speier, D-San Mateo, that would tighten regulations on financial information sharing was approved today by the State Senate.
The 40-member chamber approved Speier's Senate Bill 1 by a vote of 23-6, surpassing the 21 votes required for its passage. Eleven members refrained from voting.
The bill, co-authored by Senate President Pro Tempore John Burton, D-San Francisco, would restrict the sharing of personal financial information between financial institutions and their affiliates. Under current law, financial institutions are allowed to share information such as bank account balance and transaction history unless a customer chooses to "opt out" of that sharing.
Under Speier's bill, customers would be required to "opt in," or give financial institutions specific permission, to disclose that information.
The legislation comes in response to customer complaints about privacy-related issues such as identity theft and telemarketers. Speier said she expects the bill to reach the governor's desk by Memorial Day.<
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