The banking industry on Monday took a compromise proposal on privacy to Capitol Hill that would let financial companies share information freely among affiliates but permit customers to block data transfers to third parties.

Under the plan, banks, insurance companies, and securities firms would have to create privacy policies and conspicuously disclose them to consumers. Customers would have an opportunity to stop information sharing with telemarketers or other third parties.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.