Financial Services Industry
Industry: Email Alert RSS FeedShelby, a strong privacy advocate, will hold Senate hearings on GLB Next year. (D.C. Dispatch).(the Gramm-Leach-Bliley Act)
National Underwriter Life & Health-Financial Services Edition, December, 2002 by Brostoff, Steven
Individuals should have greater control and choice in how their financial information is shared and sold than what is provided in the Gramm-Leach-Bliley Act, says the incoming chairman of the Senate Banking Committee.
"I continue to believe that the balance struck in Gramm-Leach-Bliley was insufficient," says Sen. Richard Shelby, R-Ala., who spoke at a recent meeting of the Consumer Federation of America, Washington.
As chairman of the Banking Committee, Shelby says he will hold hearings next year on the privacy provisions of GLB.
Under GLB, consumers can opt out of information sharing between their financial institutions and unaffiliated third parties in certain circumstances.
Shelby, a strong privacy advocate, has expressed...
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