Feds Buckle Down on Customer Information Security
L. Taylor - February 9, 2002

Event Summary

In an effort to improve the state of consumer privacy,<br>&nbsp; <br> &nbsp;&nbsp;&nbsp;&nbsp;the <b>Federal Reserve Board</b>,<br> &nbsp;&nbsp;&nbsp;&nbsp;the <b>Federal Deposit Insurance Corporation (FDIC)</b>,<br> &nbsp;&nbsp;&nbsp;&nbsp;the <b>Office of the Comptroller of the Currency (OCC)</b>,<br> &nbsp;&nbsp;&nbsp;&nbsp;and the <b>Office of Thrift Supervision</b>,<br>&nbsp; <br> on January last year announced that they have put together joint guidelines to safeguard confidential customer information. The guidelines, that took effect last July, implement section 501(b) of the <b>Gramm-Leach-Bliley Act (GLBA)</b> initiated by the Senate Banking Committee, and passed into law on November 4, 1999. This announcement had significant implications for online banking institutions...