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Privacy Rules To Be Ready By February
Over 30 representatives of eight federal agencies have already met five times since President Clinton signed the financial reform bill in November. They are drafting new consumer privacy protection rules for the financial industry.
In basic terms, the new law requires us to have policies for protecting confidential customer information which we must disclose annually, we may not share any account numbers with third party marketers, and we must provide customers the opportunity to "opt-out" of sharing any of their information with third parties.
Regulators are attempting to finish the proposal by February, with a comment period scheduled to end in time for the final regulation to be issued by the May 12 deadline prescribed by the law. The rules and regulations would then become effective on November 12.
As soon as the proposal is made public, we will publish it in the BANKERS' HOTLINE so that you can get a head start on the requirements.
Copyright © 2000 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 9, No. 12, 1/00
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