In an effort to improve the state of consumer privacy, Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the Office of Thrift Supervision, 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 Gramm-Leach-Bliley Act (GLBA) initiated by the Senate Banking Committee, and passed into law on November 4, 1999. This announcement had significant implications for online banking institutions.
initiated by the Senate Banking Committee, and passed into law on November 4, 1999. This announcement had significant implications for online banking institutions Federal bank regulators will soon be able to prescribe specific safeguards which ensure the protection of customer records, should they determine that unauthorized access to customer information could result in substantial harm or inconvenience to the customer. All banks, including online banks, will be required to clearly disclose their