Under the , financial institutions must provide a privacy notice to each consumer that explains what data about the consumer is gathered, with whom that data is shared, how the data is used, and how the data is protected.

Section 4(k) of the Bank Holding  Company Act of 1956

Explanation:

Under section 4(k) of the Bank Holding  Company Act of 1956 financial institution is any type of institution whose  business is involving in activities that are financial  in nature or incidental to such financial practices, as  determined by this section such as banks, dealers and securities brokers,  insurance underwriters and agents, finance companies, mortgage bankers, and travel agents must provide a privacy notice to each and every consumer having an explanation that what data about the consumer is collected, with whom that data is shared, how the data is applied, and how the data is protected.

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