Comments, Anyone?
If you ever wonder where some of the peculiar or downright unrealistic regulations come from, the answer is that they were made up by rule writers who were information- deprived. They were deprived of the information that you could have (and should have) provided to them. It's called the comment process. As an example of how financial institutions shirk their duty when it comes to comment time, the Federal Trade Commission received a total of 49 comments on the proposed identity theft alert rules. If you don't like the final rule, it could be your fault!
Copyright © 2004 Compliance Action. Originally appeared in Compliance Action, Vol. 9, No. 13, 11/04
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