According to the Financial Services Modernization Act, each consumer has to be offered the possibility to "opt out" of at least some information sharing. However, many consumer groups have recently complained that this law is too weak in protecting consumers' personal data and have demanded new privacy laws at federal and state levels.

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The Financial Services Modernization Act, also known as the Gramm-Leach-Bliley Act, requires financial institutions to provide customers with the option to "opt out" of sharing their personal information with non-affiliated third parties. However, consumer groups argue that the protections are insufficient and advocate for stronger privacy laws.

According to the Financial Services Modernization Act, Each Consumer Has