Businesses Be Warned: New Federal GLB Privacy Law Will Snare Unwary; Many Businesses Not Prepared for July 1 Deadline; Preston Gates & Ellis Available for Comment.

Business Editors

SEATTLE--(BUSINESS WIRE)--May 30, 2001

What: The Gramm-Leach-Bliley (GLB) Act was finalized on May 24, 2000
    and imposes new federal privacy obligations on companies
    conducting financial transactions with consumers, goes into effect
    July 1, 2001. The act, which applies to all "financial
    institutions," is often misinterpreted to mean banks only. In
    actuality, the scope of the act is such that any entity that
    offers consumers a financing program for purchases such as
    revolving credit must provide privacy disclosures on how that
    particular business deals with customers' private information.
    Unfortunately, many businesses do not realize that they are
    subject to these regulations. Businesses impacted by GLB are
    wide-reaching and include a variety of industries, including but
    not limited to: automobile dealerships that lease or sell vehicles
    on time, insurance agencies, tax advisors, real estate appraisers
    and brokers, retailers that issue credit cards, and software
    manufacturers that develop or sell financial planning or budgeting
    software.

Who: William Resnik, a business attorney with Preston Gates & Ellis
    LLP in Seattle, is available to comment on the potential impact
    this new law will have on businesses. Resnik's practice focuses on
    banking issues, consumer credit, new bank products and delivery
    systems, bank regulatory matters, as well as indirect consumer
    lending and leasing, real estate financing for consumers, data
    privacy and e-commerce issues.

Why: "While banks and other consumer lenders have been preparing for
    the July 1 deadline for more than a year," says Resnik, "hundreds
    of companies are unaware GLB affects them and may be caught
    napping. If your company offers consumers any kind of financing
    options, you may be liable under GLB. As companies have only four
    weeks left to distribute privacy disclosures to consumers, it is
    vital that you speak with an attorney or advisor to determine if
    GLB applies to you and talk about the best way to disseminate
    privacy disclosure information."

When: All customer notifications must be made by July 1, 2001, and
    annually thereafter.

Info: To schedule an interview with William Resnik or for more
    information about GLB, please contact Sandi Sonnenfeld at
    206/270-4659 or you may contact Resnik directly at
    [e-mail].