Rep. Seeks To Ease Privacy Notification Rule For Financial Cos.

Law360, New York (May 18, 2012, 4:45 PM EDT) -- A Republican congressman from Missouri on Thursday introduced a bill to limit customer privacy notifications required of financial services providers under the Gramm-Leach-Bliley Act.

Rep. Blaine Luetkemeyer, R-Mo., along with co-sponsors Scott Garrett, R-N.J., and Lynn A. Westmoreland, R-Ga., submitted a bill that would grant exemptions from GLB's notification requirements to financial institutions that maintain the same privacy policies from year-to-year.

Under the GLB, which passed in 1999, lenders, investment companies and other financial services providers must send customers an annual notice detailing their information sharing...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.