Financial firms comment on regulations

Article Abstract:

Financial firms composed of banks, insurance companies and securities firms have appealed to federal regulators to keep privacy obligations under the proposed Gramm-Leach-Billey Act as simple as possible. They also asked each of the federal financial regulating bodies that include the Federal Reserve, the Federal Deposit Insurance Corp, the Office of Comptroller of the Currency, the Office of Thrift Supervision, the Securities and Exchange Commission and the Federal Trade Commission to come up with an interpretation of the law that will allow them to more easily manage relationships between themselves, their marketing partners and their customers.

Financial Services, Finance and Insurance

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Financial institutions gain time to comply with new privacy rules

Article Abstract:

The Gramm-Leach-Bliley Act, a financial modernization bill that allows the merger of financial institutions such as banks, insurance companies and securities firms, will go into effect on Nov 13, 2000. The US Office of the Comptroller of the Currency published its interpretation of the act which included a new definition of the term nonpublic personal information. Financial institutions are given until Jul 1, 2001, to comply with the privacy components contained in the legislation.

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Clinton calls for stricter financial privacy legislation

Article Abstract:

Pres Bill Clinton is urging the formulation of a new law that would enable customers to obstruct the sharing of personal information among associated financial services firms. The proposed legislation would neutralize the privacy component of the Gramm-Leach-Bliley Act. The Act, which takes effect in Nov 2000, permits financial services firms to share data with affiliated entities.

Other Justice, Public Order, and Safety Activities, Privacy

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