Customer privacy rights would be weakened, not bolstered, by the House's financial modernization bill, a consumer advocate said Thursday.

Though the House bill would enable banks, insurers, and securities firms to affiliate for the first time since the Depression, it would not let customers prevent the companies from sharing sensitive data, said Mary Griffin, insurance counsel at Consumers Union.

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.