Proposed bank privacy regulations redefine `nonpublic information'

Article Abstract:

Customer information that can be shared by banks with third parties will be restricted if the proposed privacy regulations that will enforce the Gramm-Leach-Bliley Act push through. In addition, a more proactive stance in communication policies may be adopted by banks toward their customers. The proposed regulations come from the Office of the Comptroller of the Currency and the Federal Reserve.

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Financial privacy legislation allows for DM

Article Abstract:

A joint Senate-House conference committee approved some amendments to the Financial Modernization Act that includes mandating opt-out and disclosure rules for banks. The revised measure requires banks to give customers a conspicuous means to opt out of having their financial information shared with third parties. But banks are not required to have an opt-out format if financial information will be shared with affiliate companies, which are expected to consist of insurers and securities firms. In addition, banks will have to reveal their privacy policies and how they utlize client information.

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Banks brace for state action on privacy

Article Abstract:

The banking industry is preparing for a possible legal and legislative showdown at the state level in light of the move of Congress to pass in Nov 1999 the Gramm-Leach-Billey Act. The legislation sets the parameters underwhich banks, insurance firms and securities companies can enter each others' businesses. However, the Act gives the states the right to enact more stringent privacy restrictions.

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