Banks Disclose Privacy Policies under New Rule.

Byline: Christine Van Dusen

Apr. 3--Your bank lends money, but does it share your personal information?

The answer, bank officials say, can be found in the privacy policy notices lenders are now sending to customers. The notices are part of a new regulation requiring banks to tell consumers how their personal data are used.

The regulation is part of the Gramm-Leach-Bliley Act, passed in 1999, which allows banks to merge with insurance companies and brokerages. Under the legislation, banks can share personal data -- such as Social Security numbers and annual income -- with affiliated companies and other third parties unless consumers opt out in …