Just before their August recess, House lawmakers introduced two bills to change the way a new financial services law protects private customer data. Reps. Edward Markey, D-Mass., and Joe Barton, R-Texas, introduced H.R. 2720, the "Markey-Barton Consumers' Right to Financial Privacy . . . . Just before their August recess, House lawmakers introduced two bills to change the way a new financial services law protects private customer data. Reps. Edward Markey, D-Mass., and Joe Barton, R-Texas, introduced H.R. 2720, the "Markey-Barton Consumers' Right to Financial Privacy Act," after their attempts to add strong privacy protections to the Gramm-Leach-Bliley (GLB) financial services modernization bill were shot down during the 106th Congress. Their bill also contains fines and jail time for people who fraudulently obtain private consumer information from financial institutions. Another bill is making the rounds as well, introduced by Reps. Pete Sessions, R-Texas, and Deborah Pryce, D-Ohio. The link for this article located at Newsbytes is no longer available. . Senate members proposed a pair of legislative measures aimed at enhancing safeguards for personal consumer information within the financial sector prior to the summer break.. Financial Privacy, Data Protection, Law Legislation. . LinuxSecurity.com Team
Scores of online companies could find themselves in violation of new financial privacy rules that took effect on Sunday amid widespread uncertainties over their scope, legal experts say. Growing fears over ambiguities in the Gramm-Leach-Bliley Act have drawn a belated flurry . . . . Scores of online companies could find themselves in violation of new financial privacy rules that took effect on Sunday amid widespread uncertainties over their scope, legal experts say. Growing fears over ambiguities in the Gramm-Leach-Bliley Act have drawn a belated flurry of notification efforts from several companies that offer services that might fall under the law. But for many, that realization may come too late. The Gramm-Leach-Bliley Act, a financial reform law that goes into effect Sunday, contains provisions that address the collection and sharing of nonpublic personal information with third parties. It also requires companies to give consumers an opportunity to "opt out" of passing personal information to third parties. The link for this article located at ZDNet Asia is no longer available. . Scores of online companies could find themselves in violation of new financial privacy rules that to. scores, online, companies, themselves, violation, financial, privacy, rules. . LinuxSecurity.com Team
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