True or False: Consumers have the right to prohibit sharing their nonpublic personal information with other parties.

The statement is true. Consumers indeed have the right to prohibit the sharing of their nonpublic personal information with other parties, as established under various privacy and data protection laws, such as the Gramm-Leach-Bliley Act (GLBA) in the United States. These regulations are designed to protect consumer privacy and provide them with control over their personal information.

Under these laws, financial institutions and other organizations must give consumers the ability to opt-out of having their nonpublic personal information shared with non-affiliated third parties. This empowers consumers to limit the distribution of their sensitive data, ensuring a greater level of privacy and security.

The importance of this right lies in the consumer's ability to maintain control over their personal information in an increasingly digital environment, where data sharing can happen easily and often without the individual's explicit consent.