Business Services Industry
Consumer privacy law goes beyond just banks, insurers.(Brief Article)
Crain's Cleveland Business, April, 2001 by Zolkos, Rodd
Many businesses that might seem unlikely targets of a 1999 federal law allowing the convergence of banks, insurance companies and securities firms may in fact be subject to consumer privacy provisions of the law set to be enforced this summer. The impact of the Gramm-Leach-Bliley Financial Services Modernization Act's privacy provisions on insurance companies and banks has been widely discussed.
But less attention has been given to the act's broad definition of "financial institution," which could apply the privacy requirements to numerous other sorts of businesses engaging in financial activities described in the federal Bank Holding Company Act of 1956. "I think Gramm-Leach-Bliley has been thoroughly digested and reviewed by the types of companies who...
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