On July 7, 2025, the state of Vermont announced a new banking law aimed at protecting consumer privacy in the digital age. The law, known as the Vermont Consumer Banking Privacy Act, requires banks and financial institutions to obtain explicit consent from their customers before sharing or selling their personal financial information.Under the new law, banks must provide clear and concise information to customers about how their data is being used and who it is being shared with. Customers will have the option to opt out of having their information shared with third parties, and banks will be required to adhere to strict guidelines for handling and protecting sensitive financial data.Vermont Governor, John Smith, spoke at a press conference heralding the new law as a crucial step in safeguarding consumer privacy in an increasingly digital world. He emphasized the importance of transparency and accountability in the banking industry, stating that the law would help restore public trust in financial institutions.The Vermont Consumer Banking Privacy Act also includes provisions for enforcement and penalties for non-compliance. Banks found to be in violation of the law could face hefty fines and sanctions from state regulators.Consumer advocacy groups have applauded the new law, citing it as a much-needed protection for consumers in an era of frequent data breaches and cyber attacks. They hope that other states will follow Vermont's lead in enacting similar legislation to safeguard the privacy and security of their residents' financial information.Overall, the Vermont Consumer Banking Privacy Act represents a significant step forward in ensuring that consumers have control over their personal financial data and can trust that it will be handled responsibly by banks and financial institutions.