Financial Privacy: The Economics of Opt-In vs Opt-Out (CRS Report for Congress)
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| Release Date |
Revised Feb. 12, 2004 |
| Report Number |
RL31758 |
| Report Type |
Report |
| Authors |
Loretta Nott, Government and Finance Division |
| Source Agency |
Congressional Research Service |
| Older Revisions |
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Summary:
When the 108th Congress revisits the preemption provision this year, there will be two key issues to consider. First, given the potential consequences for the financial services market and consumers in the absence of an extension, should Congress extend the preemption provision of the Fair Credit Reporting Act? Second, if Congress decides to renew the law and continue to set a federal standard, it could consider retaining the current opt-out requirement of adopting an opt-in policy. This report focuses on the second issue by examining the economics of financial privacy in the context of the opt-out/opt-in debate, and considers the implications of a regulatory change.
