Feds Buckle Down on Customer Information Security

    Date08 Feb 2001
    CategoryGovernment
    3062
    Posted ByAnthony Pell
    In an effort to improve the state of consumer privacy, the Federal Reserve Board, the FDIC, the OCC, and the Office of Thrift Supervision on January 17 announced that they have put together joint guidelines to safeguard confidential customer information. The . . . In an effort to improve the state of consumer privacy, the Federal Reserve Board, the FDIC, the OCC, and the Office of Thrift Supervision on January 17 announced that they have put together joint guidelines to safeguard confidential customer information. The guidelines, to take effect July 1, 2001, implement section 501(b) of the Gramm-Leach-Bliley Act (GLBA) initiated by the Senate Banking Committee, and passed into law on November 4, 1999. This announcement has significant implications for online banking institutions.
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