If a consumer revokes consent for information sharing, what should the financial institution do?

When a consumer revokes consent for information sharing, the appropriate response from a financial institution is to stop sharing information immediately. This aligns with the principles of privacy compliance and consumer rights, as consent is foundational to lawful information sharing practices. Once a consumer explicitly withdraws their consent, the institution has the responsibility to respect that decision by ceasing any further sharing of the individual's personal or financial information.

This action upholds the consumer's autonomy over their data and reinforces the institution's commitment to privacy standards and legal obligations. Immediate cessation of information sharing also helps prevent potential legal repercussions that could arise from continuing to share a consumer's data without consent. By prioritizing the consumer’s request, the institution fosters trust and maintains a positive relationship with its clients.

The other options are not appropriate responses because continuing to share information after consent is revoked undermines the very principle of consent. Informing other customers of the revocation is unnecessary and could violate privacy expectations. Charging a fee for stopping the sharing contradicts the principle of consent and might add a barrier to consumers exercising their rights. Therefore, stopping the sharing of information immediately is not only the correct action to take but also a vital aspect of maintaining compliance and consumer trust.