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"Chief Privacy Officer" Welcomed
Almost all of the large banking companies in the United States now have on board a Chief Privacy Officer, who is responsible for developing and managing privacy policies bank-wide. Most are also charged with dealing with security and privacy on the Internet.
This trend is now also starting to trickle down to the mid-size and smaller financial institutions, which realize the importance of a single source of responsibility and oversight of all privacy issues and policies.
Pending legislation on privacy issues has focused the public's attention on records maintained and shared by financial institutions as well as other industries. The Congressional Privacy Caucus attempted to add stronger privacy protections to the Bank Modernization Bill and continues to advocate legislation. Their recent opinion poll shows that privacy was the top issue of concern among a majority of respondents.
Financial institutions, including Bank of America Corp., Mellon Financial Corp., and PNC have responded to these concerns by appointing a Chief Privacy Officer.
The expectation is that soon every financial institution will have one.
Copyright © 2000 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 10, No. 8, 8/00
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