Financial Services Industry
Industry: Email Alert RSS FeedDelay Of Privacy Regs Draws Sharp Reactions.(Brief Article)
National Underwriter Life & Health-Financial Services Edition, May, 2000 by BROSTOFF, STEVEN
A decision by federal regulators to delay the effective date of recently proposed financial privacy regulations is drawing praise from industry groups but criticism from privacy advocates.
The regulations, which are aimed at implementing the privacy provisions of the Gramm-Leach-Bliley Financial Modernization Act, will take effect July 1, 2001.
They were originally scheduled to take effect on Nov. 12,2000. Financial services firms petitioned the federal regulators--including the Federal Reserve Board, the Treasury Department, the Federal Trade Commission and the Securities and Exchange Commission--to delay the effective date, arguing that the regulations were too complicated to implement by Nov. 12.
Although the regulations apply specifically...
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