``Privacy'' Bill is Special Interest Bill Full of Loopholes and Exemptions; California Bankers Association Responds to Latest Hearing on SB 773.Business Editors/Political Writers SACRAMENTO, Calif.--(BUSINESS WIRE)--Aug. 21, 2002 The following statement is the California Bankers Association response to the August 1 hearing on Senate Bill 773: SB 773, the "financial" privacy legislation recently voted out of the Banking & Finance Committee of the California State Assembly The California State Assembly is the lower house of the California State Legislature. There are 80 members to the Assembly, representing a relatively equal amount of constituencies, with each district having a population of at least 420,000 citizens. does nothing to promote consumer privacy and instead placates or creates loopholes for a handful of special interests, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the California Bankers Association. SB 773, co-authored by Senator Jackie Speier Jackie Speier is a former Democratic member of the California State Senate who represented parts of San Francisco and San Mateo Counties. Early life Speier was born May 14, 1950 in San Francisco, California. She earned a B.A. and Assemblymember Joe Nation purports to eliminate the practice of "financial profiling," a practice already explicitly forbidden by federal law. In addition to the assertion that it would prevent "financial profiling," the author and its supporters have also claimed that the bill would decrease the number of telemarketing calls received by consumers at the dinner hour and prevent identity theft from occurring. Despite the authors' claims, nothing in the bill addresses identity theft or telemarketing. Several special interests received preferential treatment and consideration during the drafting of the legislation. As a result of these loopholes and exemptions, American Express American Express (NYSE: AXP), sometimes known as "AmEx" or "Amex", is a diversified global financial services company, headquartered in New York City. The company is best known for its credit card, charge card and traveler's cheque businesses. , USAA USAA United Services Automobile Association USAA Urban Superintendents Association of America USAA United States Achievement Academy USAA United States Arbitration Act of 1925 USAA United States Axemen's Association USAA United States Air-Table-Hockey Association Insurance, retailers, accountants, consumer attorneys, and California's credit unions would not be subject to the same regulations and compliance standards as their competitors, creating winners and losers in California's marketplace. The bill was heard by the Banking & Finance Committee of the California Assembly and was passed out of the committee by a vote of eight to four. The bill will next be heard by the Assembly Judiciary Committee. Information about CBA See Capital Builder Account. Established more than 110 years ago, the California Bankers Association (CBA) is one of the largest state banking trade associations in the country. CBA leads the way in developing relevant educational and legislative solutions to some of California's more pressing financial and banking issues, including financial privacy, predatory lending, usage fees, and financial elder abuse Elder Abuse Definition Elder abuse is a general term used to describe harmful acts toward an elderly adult, such as physical abuse, sexual abuse, emotional or psychological abuse, financial exploitation, and neglect, including self-neglect. . CBA's membership includes more than 300 of California's commercial, industrial and community banks and savings associations. For further information, visit www.calbankers.com or contact Anissa Yates at 916/441-7377. |
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