ADVISORY/Banks Admonished to Protect Privacy.--(BUSINESS WIRE)--Oct. 26, 1998-- TOPIC: Commercial banks must increase their efforts to protect the privacy of their customers or face federal regulation that would require them to do so, according to the acting comptroller of the currency Comptroller of the Currency A government official, appointed by the President of the United States, who keeps control over all national banks, and receives reports from the banks at least quarterly, to be published in newspapers. . During her address at a meeting of the Consumer Bankers Association, Julie L. Williams noted that while some banks are safeguarding customers' privacy, many banks are failing to fully comply with the Fair Credit Reporting Act The Fair Credit Reporting Act (FCRA) is legislation embodied in title VI of the Consumer Credit Protection Act (15 U.S.C.A. § 1681 et seq. [1968]), which was enacted by Congress in 1970 to ensure that reporting activities relating to various consumer transactions are conducted in a . The act requires banks to tell their customers how their information is being used and to offer customers the option not to have their information shared within the company. EXPERTS: ExpertSource can offer several highly qualified experts to comment on this story: Neal J. Curtin is a partner with Bingham Dana LLP LLP - Lower Layer Protocol and is conversant CONVERSANT. One who is in the habit of being in a particular place, is said to be conversant there. Barnes, 162. in bank regulatory issues. Richard Eckaus is a professor of economics at MIT MIT - Massachusetts Institute of Technology and focuses on regulation and banking. Rochelle Cooper Dreyfuss is a professor of law at New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of University's School of Law and concentrates on privacy issues. -0- ExpertSource cannot guarantee the immediate availability of these experts or their familiarity with this specific issue. Journalists seeking to interview any of these experts can obtain contact information by visiting the ExpertSource website: http://www.businesswire.com/expertsource. ExpertSource, a collaboration of Business Wire and The Round Table Group, provides academic and industry experts to the media at no charge. Journalists are encouraged to submit queries to ExpertSource when seeking experts on specific subjects. An online registration form is available at the above web address. Business Wire's Virtual Press Club provides working journalists many free media services. Please visit the BW Media Resource Center at (www.businesswire.com) for more information. |
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