Electronic Banking Data Bill OK'd By NY Senate Panel

Law360, New York (May 23, 2012, 3:48 PM EDT) -- A bill to streamline how New York-regulated banks preserve electronic records got a nod from a Republican-controlled Senate panel Wednesday, despite consumer protection concerns, as lawmakers sought to make it easier for financial companies to comply with record-keeping rules.

The proposal, which Banks Committee chairman Joseph A. Griffo — a Republican whose district lies north of Syracuse — said was supported by the New York Department of Financial Services, would consolidate various parts of the state's banking law to allow all entities to use electronic storage...
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