Currently consumers who want to control the sharing of their personal information have to notify each financial institute each year.
Consumers often have multiple accounts: a checking account, a savings account, a mortgage, a car loan, a student loan, a brokerage account, an IRA account, credit card account, etc... It is very easy for a consumer to have a dozen of accounts. To opt-out, this requires consumers to notify each and everyone of the financial institutions related to the accounts each year. This process is burdensome and unreasonable.
Consumers should have the choices to notify the bank, financial institutions once to opt out of sharing and that notice should last until further notices.