California Senate committee postpones votes on bank privacy bills

Article Abstract:

The California Senate Finance, Investment and Trade Committee has delayed the passage of two bills that would give consumers more control over personal information that they give to financial services firms. The bills are intended to boost the privacy protection provisions of the Gramm- Leach-Bliley Act. The bill introduced by Sen Tim Leslie was also amended so that banks would not be required to use an opt-in method for obtaining permission when sharing customer information. The other bill was introduced by Sen Jackie Speier, but is less strict in its definition of financial services companies but carriers bigger penalties.

California, Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Banking Regulation-State, Banking law

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Data group mulls lawsuit to stop privacy rule

Article Abstract:

The Individual Reference Services Group, a coalition of 13 major database companies, announced in Jun 2000 is planning to file a lawsuit that would seek to nullify new FTC financial privacy rules. The group claims that some provisions in FTC's rules for the implementation of the Gramm-Leach- Bliley Act would prohibit credit bureaus from sharing the 'header' data from credit reports with third parties.

On-Line Information Services, Database Vendors

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Legislation prompts banks to review privacy policies

Article Abstract:

A sweeping banking reform legislation, H.R. 10, would adversely affect affinity marketers and the marketing programs that are designed in cooperation with banks and other entities. By providing affinity marketers with client lists, banks usually get commissions of 15% to 20% of the marketers' sales. The bill prompted some banks to discontinue their links with affinity marketers.

Commercial Banks, Commercial Banking, Direct Mail Advertising, Direct Marketing Services

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